Comments on: Should I Hurry to Pay off My Student Loans http://personalfinancejourney.com/2010/02/should-i-hurry-to-pay-off-my-student-loans/ The journey of a lifetime Fri, 03 Feb 2012 18:05:35 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Erin http://personalfinancejourney.com/2010/02/should-i-hurry-to-pay-off-my-student-loans/comment-page-1/#comment-16567 Erin Tue, 09 Aug 2011 19:42:00 +0000 http://personalfinancejourney.com/?p=253#comment-16567 I'm struggling with this. I went to private undergrad and then law school, so between my DH and I we have 4 student loans. I'm doing the debt snowball and will have paid off my HELOC, and 3 of my student loans by December this year. All that is left is the large remaining student loan (~$32K) and the mortgage. But my interest rate on the student loan is fixed at 0.67%! I'm not kidding. Less than my ING savings rate even factoring in inflation. And I really want to save sooner to buy a house that has enough room for our family of five, plus I get a tax deduction on that small amount of interest. I know I don't want any debt, but this seems sort of ridiculous to pay off early...or does it? I’m struggling with this. I went to private undergrad and then law school, so between my DH and I we have 4 student loans. I’m doing the debt snowball and will have paid off my HELOC, and 3 of my student loans by December this year. All that is left is the large remaining student loan (~$32K) and the mortgage. But my interest rate on the student loan is fixed at 0.67%! I’m not kidding. Less than my ING savings rate even factoring in inflation. And I really want to save sooner to buy a house that has enough room for our family of five, plus I get a tax deduction on that small amount of interest. I know I don’t want any debt, but this seems sort of ridiculous to pay off early…or does it?

]]> By: student loans http://personalfinancejourney.com/2010/02/should-i-hurry-to-pay-off-my-student-loans/comment-page-1/#comment-14591 student loans Fri, 15 Jul 2011 11:40:30 +0000 http://personalfinancejourney.com/?p=253#comment-14591 Student loans are helpful for continual of a student's study. I am a student of Mechanical Engineering of KUET. I need a loan to continue my study. But I don't know anything about it. From which bank the credit is obtained? Anybody help me please. Student loans are helpful for continual of a student’s study. I am a student of Mechanical Engineering of KUET. I need a loan to continue my study. But I don’t know anything about it. From which bank the credit is obtained? Anybody help me please.

]]> By: AJ http://personalfinancejourney.com/2010/02/should-i-hurry-to-pay-off-my-student-loans/comment-page-1/#comment-5005 AJ Wed, 01 Dec 2010 23:23:50 +0000 http://personalfinancejourney.com/?p=253#comment-5005 Great article, my wife and I are struggling with this very issue. We're doing the debt snowball plan on baby step 2 and the only thing we have left are the student loans (we sold our house last summer and are now renting). One student loan has a high rate of 9% and God willing it'll be gone by February 2011. The other two are huge (over $100k combined) with an interest rate of 4.5%.... I don't know if we should go that long without saving a 3-6 emergency cash fund, 401k investing, etc.... I was thinking of stacking cash for 6 month emergency fund and then go crazy on the remaining loans..... What do ya think? Great article, my wife and I are struggling with this very issue. We’re doing the debt snowball plan on baby step 2 and the only thing we have left are the student loans (we sold our house last summer and are now renting).

One student loan has a high rate of 9% and God willing it’ll be gone by February 2011. The other two are huge (over $100k combined) with an interest rate of 4.5%…. I don’t know if we should go that long without saving a 3-6 emergency cash fund, 401k investing, etc…. I was thinking of stacking cash for 6 month emergency fund and then go crazy on the remaining loans…..

What do ya think?

]]> By: Dolla Thug http://personalfinancejourney.com/2010/02/should-i-hurry-to-pay-off-my-student-loans/comment-page-1/#comment-2439 Dolla Thug Sat, 24 Jul 2010 17:04:47 +0000 http://personalfinancejourney.com/?p=253#comment-2439 Yes - debt is debt is debt. Whether it's so-called "good" debt or not! I hate it...loathe it...despise it! I'm totally with you and I'm about to get FOCUSED in order to destroy my $24K student loan balance ASAP! Btw, loved the Dave Ramsey reference! :) Yes – debt is debt is debt. Whether it’s so-called “good” debt or not! I hate it…loathe it…despise it! I’m totally with you and I’m about to get FOCUSED in order to destroy my $24K student loan balance ASAP!
Btw, loved the Dave Ramsey reference! :)

]]> By: Annika http://personalfinancejourney.com/2010/02/should-i-hurry-to-pay-off-my-student-loans/comment-page-1/#comment-479 Annika Tue, 23 Mar 2010 20:59:43 +0000 http://personalfinancejourney.com/?p=253#comment-479 Great article, Lakita! I'm glad I came across this. I'll definitely be reading through the rest of your articles later today. I just had my exit loan interview today -- yeesh! Frightening stuff! I have around $30K in loans after graduation in June and despite analyzing it from a few different angles my goal is to pay that off as soon as possible. I would like to begin investing at the same time, but I can't stand being in debt! First things first though, I need a job! Hah! Great article, Lakita! I’m glad I came across this. I’ll definitely be reading through the rest of your articles later today. I just had my exit loan interview today — yeesh! Frightening stuff! I have around $30K in loans after graduation in June and despite analyzing it from a few different angles my goal is to pay that off as soon as possible. I would like to begin investing at the same time, but I can’t stand being in debt! First things first though, I need a job! Hah!

]]> By: Peter http://personalfinancejourney.com/2010/02/should-i-hurry-to-pay-off-my-student-loans/comment-page-1/#comment-185 Peter Thu, 25 Feb 2010 15:24:25 +0000 http://personalfinancejourney.com/?p=253#comment-185 Sometimes the best decisions that we can make aren't the most financially sound - but they're still the best decisions for you. With my student loans the APR was ridiculously low - like 2% or something - but I ended up paying it off quicker anyway just because I don't like having debt - period. I can't even tell you what a weight was lifted off my shoulders when i made that last $1500 payment. It was such a relief to be debt free except our house! For that alone I think it's worth it! .-= Peter´s last blog ..<a href="http://feedproxy.google.com/~r/BibleMoneyMatters/~3/WJ55vedHtYw/what-documentation-do-i-need-to-claim-the-first-time-homebuyer-tax-credit.html" rel="nofollow">What Documentation Do I Need To Claim The First-Time Homebuyer Tax Credit</a> =-. Sometimes the best decisions that we can make aren’t the most financially sound – but they’re still the best decisions for you. With my student loans the APR was ridiculously low – like 2% or something – but I ended up paying it off quicker anyway just because I don’t like having debt – period.

I can’t even tell you what a weight was lifted off my shoulders when i made that last $1500 payment. It was such a relief to be debt free except our house! For that alone I think it’s worth it!
.-= Peter´s last blog ..What Documentation Do I Need To Claim The First-Time Homebuyer Tax Credit =-.

]]> By: PF Journey http://personalfinancejourney.com/2010/02/should-i-hurry-to-pay-off-my-student-loans/comment-page-1/#comment-152 PF Journey Wed, 24 Feb 2010 13:09:52 +0000 http://personalfinancejourney.com/?p=253#comment-152 Ronnie, Sounds like you have a solid plan! I agree that you probably won't find a consolidation loan rate lower than 3.1%, hopefully when it adjusts it isn't by much. Either way, you may could try to negotiate it back down or consolidate (if the numbers work in your favor). Either way you've clearly demonstrated where paying off works in your favor....$1,200/month is a significant amount and I'll celebrate with you when it is freed up to do other things! Ronnie,

Sounds like you have a solid plan! I agree that you probably won’t find a consolidation loan rate lower than 3.1%, hopefully when it adjusts it isn’t by much. Either way, you may could try to negotiate it back down or consolidate (if the numbers work in your favor). Either way you’ve clearly demonstrated where paying off works in your favor….$1,200/month is a significant amount and I’ll celebrate with you when it is freed up to do other things!

]]> By: Ronnie http://personalfinancejourney.com/2010/02/should-i-hurry-to-pay-off-my-student-loans/comment-page-1/#comment-150 Ronnie Wed, 24 Feb 2010 02:45:59 +0000 http://personalfinancejourney.com/?p=253#comment-150 Girl, I have $187k in student loan debt which, mind you, is down from $205k in 2005 when I graduated from law school. My highest interest rate is 3.1% variable, and half of my loans are fixed at 1.75% for the life of the loan. And you know what? I could care less how low the interest rate is. I don't want to be paying $1200/month for the rest of my life on these loans!! Do you know what I can do with an extra $1200/month :D. I'm ahead of schedule to the point where my private loan processor adjusted my loan payments DOWNWARD because the original payments had me paying off the loans in 17 years instead of 20. And I know that those low interest private loans are going to go back up sooner than later, but right now I can't find a consolidation for less than what I'm paying, so I'm paying off as much as possible before rates start increasing. Lord willing, I'll have these puppies paid off by my 40th birthday (10 years); that's the plan I'm working with. Great article! Girl, I have $187k in student loan debt which, mind you, is down from $205k in 2005 when I graduated from law school. My highest interest rate is 3.1% variable, and half of my loans are fixed at 1.75% for the life of the loan. And you know what? I could care less how low the interest rate is. I don’t want to be paying $1200/month for the rest of my life on these loans!! Do you know what I can do with an extra $1200/month :D . I’m ahead of schedule to the point where my private loan processor adjusted my loan payments DOWNWARD because the original payments had me paying off the loans in 17 years instead of 20. And I know that those low interest private loans are going to go back up sooner than later, but right now I can’t find a consolidation for less than what I’m paying, so I’m paying off as much as possible before rates start increasing. Lord willing, I’ll have these puppies paid off by my 40th birthday (10 years); that’s the plan I’m working with. Great article!

]]> By: PF Journey http://personalfinancejourney.com/2010/02/should-i-hurry-to-pay-off-my-student-loans/comment-page-1/#comment-145 PF Journey Tue, 23 Feb 2010 23:00:17 +0000 http://personalfinancejourney.com/?p=253#comment-145 @Divine, Thanks so much for stopping by! Attack that debt!!!! Stay connected ~ I'd love to hear about your progress! Lakita @Divine,

Thanks so much for stopping by! Attack that debt!!!! Stay connected ~ I’d love to hear about your progress!

Lakita

]]> By: Divine and Debt Free http://personalfinancejourney.com/2010/02/should-i-hurry-to-pay-off-my-student-loans/comment-page-1/#comment-144 Divine and Debt Free Tue, 23 Feb 2010 22:45:46 +0000 http://personalfinancejourney.com/?p=253#comment-144 Wow you really crunched them numbers! Thank God I don't do math and I leave it up to the experts lol. I personally have an interest rate of 8% on 11,400 in student loans they have been around since God knows when and I haven't even graduated from college talk about stupid! I think there is a sense of freedom that no math can account for when you pay off everything including student loans. Starting in my I am in extreme attack mode and that 11,400 will be gone in 5 months its my last debt and I will be oh so free when its all ova! I think more than the math its about how much you are willing to sacrifice. Great post I like this site! Wow you really crunched them numbers! Thank God I don’t do math and I leave it up to the experts lol.

I personally have an interest rate of 8% on 11,400 in student loans they have been around since God knows when and I haven’t even graduated from college talk about stupid!

I think there is a sense of freedom that no math can account for when you pay off everything including student loans. Starting in my I am in extreme attack mode and that 11,400 will be gone in 5 months its my last debt and I will be oh so free when its all ova!

I think more than the math its about how much you are willing to sacrifice. Great post I like this site!

]]>