| student loans, investing, ect, ny advise appreciated!!! |
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elpasogtr
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| student loans, investing, ect, ny advise appreciated!!! |
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I graduated with a wonderfull degree from TCU and my wife also has a great degree. I am in the medical profesion and make 300K/year. (anesthesia) My job is very secure. This is my delema
I owe 270K in student loans. This is the total amount for both my wife and I. We were in a private school for 7 years each. Yeah that is a shit load of cash but at least I can say I earn a good living. My wife is not currently working r/t having a baby boy at home.
About 2/3 of our debt is that dreaded alternative non federal private loans. the other 1/3 is unsubsidised stafford.
My question is what is the best way to pay this off.
You cannot consolidate loans anymore. The banks will not allow you to do this. It is at their advantage to let you have 15 individual loans each with variable interest rates. Some how ed fed handels all the loans and derives a payment based on all of my loans. I send one payment for approximately 8 of my federal loans to them and another payment for 8-10 of my other private loans to them.
There is no tax deduction for interest paid available for people that make over 130K filing jointly. There is no conslidation program for private loans that i am aware of that will consolidate that amount.
1. Should I make minimum payments and let it drag on for 20 years seeing how the value of the dollar is falling...
2. Should I increase payments to the higher interest loans.
3. Is there a way to consolidate all of these loans at a lower fixed interest rate that i am unaware of???
4. Any and all advise appreciated.
It sucks that people that get a good education and now enter the workforce and earn a decent wage are f..cked in so many ways with taxes and thier money.
Im in a 48.8% tax bracket (fed=33, ss=12 medicare=3) and im sure it will just go up r/t the trillions of dollars we just spent as a nation.
What are you people investing in??? I cant see myself investing in stock market and when its time to retire getting taxed possibally 70% on that income.
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Tue Jan 26, 2010 10:48 pm |
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coaster
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Would you rather get taxed at a marginal tax rate of 50% on an income of $300K or a marginal tax rate of 15% on an income of $30K? Quit your whining and get to work on those loans. Follow the standard advice that's been given over and over again in these forums. It works whether you owe $270K or you owe $2.7K.
Write your people you elected to Congress.
Better yet, vote them out of office because they're not going to read your letter anyway.
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Wed Jan 27, 2010 3:33 pm |
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C9Consulting
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This may be asking too much, but with all of the families that live on 30k a year....is there anyway you can get on a serious budget and knock out the loans in two years? It shouldn't be too hard, with 270/2(years)=135 in loans per year. 300-135= 165k leftover gross from your job. That should be easy enough to live off of. That's the simplistic but obvious approach and you can simply adjust the timeliness of paying off the loans with your taxes. I just did the math with what you gross.
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Thu Feb 04, 2010 10:45 pm |
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cicredit
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Have you considered calling the student loan company for maybe a settlement. If you give them a big lump of money, maybe they would accept this. Then again, I know it is not a credit card company that you owe money too. Just a thought.
Also, as a side note was is Mohela, because from what I have heard is they will work with you if you just call them.
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Tue Feb 09, 2010 7:29 pm |
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oldguy
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quote:
make 300K/year. (anesthesia) My job is very secure. This is my delema
I owe 270K in student loans. This is the total amount for both my wife and I.
As C9 says, live like college kids for a year or so, direct about half of your approx $150k net to the highest interest loans. But keep the <5% loans for their full term and put your own money to higher and better uses.
If you still have some high interest debt, let your home appreciation pay some of it for you. Eg, buy a $200k home, wait until it appreciates to $300k, then refi it, take out the $100k of new equity. Use it to pay off the high interest SLs. (That is a way of converting high rate debt to long term low rate debt).
quote:
I cant see myself investing in stock market and when its time to retire getting taxed possibly 70% on that income.
You mean like in the 1970's before Pres Reagon overhauled the Tax Code? We had 70% rates then, lived thru it OK. Often, the Market compensates you for risk at the NET level rather than at gross. So don't overlook stocks, they will probably remain as your best choice.
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Tue Feb 09, 2010 8:28 pm |
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oldguy
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Cash: $ 309.10
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quote:
make 300K/year. (anesthesia) My job is very secure. This is my delema
I owe 270K in student loans. This is the total amount for both my wife and I.
As C9 says, live like college kids for a year or so, direct about half of your approx $150k net to the highest interest loans. But keep the <5% loans for their full term and put your own money to higher and better uses.
If you still have some high interest debt, let your home appreciation pay some of it for you. Eg, buy a $200k home, wait until it appreciates to $300k, then refi it, take out the $100k of new equity. Use it to pay off the high interest SLs. (That is a way of converting high rate debt to long term low rate debt).
quote:
I cant see myself investing in stock market and when its time to retire getting taxed possibly 70% on that income.
You mean like in the 1970's before Pres Reagon overhauled the Tax Code? We had 70% rates then, lived thru it OK. Often, the Market compensates you for risk at the NET level rather than at gross. So don't overlook stocks, they will probably remain as your best choice.
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Tue Feb 09, 2010 10:21 pm |
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littleroc02us
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Call me crazy but shouldn't you be able to pay the school loans off in 2 years if you make $300 gross?? Crunch down for 2 years, don't buy anything substantial, live on little and then get these stupid loans out of the way.
Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
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Wed Feb 10, 2010 2:20 pm |
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mycashtoday
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You can appeal for the debt consolidation from your sectional government. There is no advance payment charges added which permits students to pay the debts in total when they may want not including any incurring prices.
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Wed Apr 14, 2010 6:52 am |
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littleroc02us
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If you lived off half of your income for 2 years, wouldn't you be able to retire these loans in less than 2 years?
Romans 13:8 “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
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Wed Apr 14, 2010 1:37 pm |
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kimsmith07
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the best thing for you is you first check this link i think this is really very useful for you.
payoffstudentsloan.com is give all details what way you pay off student loan.
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Thu Apr 15, 2010 11:17 am |
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john milton
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actualy i have no idea for your problem, my advice is that you can contact to layer, he gives you actual solution.
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Fri Apr 16, 2010 9:00 am |
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kimsmith07
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You can try some govt. debt settlement schemes.
may be it is helpful for you.....
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Sun Apr 18, 2010 12:51 pm |
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ed2009
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I think you can still consolidate your loan thru a different lender. Just keep looking.
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Mon Apr 19, 2010 7:21 am |
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