ST Alpha - "yeah, so i finally threw in the towel on my student loans" (Reading a Post)

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yeah, so i finally threw in the towel on my student loans

Posted by charlie (aka chris) May 20 '13, 10:49

income-based repayment here i comes

Responses:

How much did you graduate with? How many years will yo have left with income repayment? -- nm - James Bond (on phone) May 20, 11:06 9
- it was about $54k upon graduation. IBR stretches the repayment out 25 years and then wipes any balance left at the end of it - charlie May 20, 11:07 8
  - What was your interest? -- nm - James Bond (on phone) May 20, 11:18 2
    - 4.25% after consolidating -- nm - charlie May 20, 11:22 1
      - That is decent. You should get a job like CBSs The Guardian. -- nm - James Bond (on phone) May 20, 11:25
  - Are you sure? -- nm - Don Homer May 20, 11:08 4
    - yeah, it is some new stuff. If I work for a nonprofit my loans will be forgiven after 10 years. -- nm - James Bond (on phone) May 20, 11:11
    - "25-year forgiveness�If you repay under IBR and meet certain other requirements, any remaining balance will be forgiven after 25 years of qualifying - charlie May 20, 11:09 2
      - ;) I was referring to your IM re: social security, you freeloader. -- nm - Don Homer May 20, 11:10 1
        
        moochacrats unite -- nm - charlie May 20, 11:10
yeah I'm going to have to start paying those back soon... - znufrii May 20, 10:58
do you know how much you'll save per month? -- nm - amanda May 20, 10:53 15
- my monthly had gone up to $360 from $275 because (apparently) i had been paying mostly interest for the past 9 years after consolidating - charlie May 20, 10:54 14
  - but aside from that, just seeing that after paying on-and-off for the 15 years since i graduated, my total amount owed is $1000 higher than the day i - charlie May 20, 10:58 13
    - 99%er -- nm - Qale May 20, 11:03
    - I kind of feel like I should do it since I work here now. after 10 years in public service, all fed debt is forgiven, so I could IBR for the next - amanda May 20, 11:02
    - The American way. -- nm - Spawn May 20, 11:00
    - ugh, that's awful - the owing more, that is. from what people have shared here, the system seems so messed-up. -- nm - b. May 20, 11:00 4
      - if your loan is unsubsidized and you're in deferment for whatever reason and don't make payments to keep up with the interest, it'll happen. - znufrii May 20, 11:03 3
        
        I understand how it can happen, I just wish there were more options for people. -- nm - b. May 20, 11:10
        
        half of mine are subsidized and half un-subbed. at best i've been just treading water - charlie May 20, 11:05 1
        
        word. - znufrii May 20, 11:08
    - damn -- nm - Don Homer May 20, 10:59 4
      - i could have been smarter about some things, like not letting forebearance interest capitalize when a couple of those ran out, but it wouldn't have - charlie May 20, 11:02 3
        
        at least, iinm, capitalized interest counts towards your student loan interest deduction for that year. -- nm - znufrii May 20, 11:04 2
        
        $2500/year. so if i pay essentially interest-only @ $200/month, i'll at least get the full tax advantage of it -- nm - charlie May 20, 11:06 1
        
        yeah, no use in going over the limit. -- nm - znufrii May 20, 11:09

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yeah, so i finally threw in the towel on my student loans

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