Students' debts?

[FAST6191]

Just finished an engineering degree (have to wear a stupid hat in a few days time) but I am not entirely sure what I owe, legendofphil's estimates are probably good for me though as well.
Now deciding whether I want to go back for round 2 (and indeed what that will be).

 

[sekhu]

if you're a Scot, and live in Scotland and study there, then you can have the British tax payer to pay for your education, which is free. The same situation in England and Wales and kids still have to pay for it

 

[pikachucrackpipe]

I'll NEVER have enough money, I forgot to count room and board that must be where it adds up...

Student loans are going to own you for 25 years of repayment

 

[spokenrope]

I went to Michigan State University and graduated in December of 05.

Cost was about 16k (USD) a year for tuition, and room and board. BUT for the last 2.5 years that I was there, I had a job as a Night Receptionist Coordinator that gave me free room and board. Thankfully.

I really need to consolidate my loans. I just don't want to look at that huge debt number for too long or else I start to feel light headed.

 

[pikachucrackpipe]

its better to consolidate in your grace period than in repayment because the repayment apr is higher and when you consolidate it goes off of whatever current apr you have

 

[spokenrope]

its better to consolidate in your grace period than in repayment because the repayment apr is higher and when you consolidate it goes off of whatever current apr you have

Well that's just great. Where were you when I was in my grace period?

 

[jesterscourt]

You know, I don't understand the whole debt consolidation thing. I thought the big push was July of 2006. Which has, of course, passed. Also, interest rates now are low, and the Fed is talking about lowering it again, according to the papers. So, there are all these "benefits" to locking in on debt consolidation (one check, one bill, locked in rates)... but if the interest rates drop, I'm fucked and stuck with that higher percentage rate... right?

 

[ozzyzak]

I went to a trade school. The loan for that one was in the neighborhood of 25,000 USD. I'm gonna be paying that off for a looooooong time.

 

[pikachucrackpipe]

its better to consolidate in your grace period than in repayment because the repayment apr is higher and when you consolidate it goes off of whatever current apr you have


Well that's just great. Where were you when I was in my grace period?

taking out student loans before i ran out of aid hehe

QUOTE(jesterscourt @ Jun 13 2007, 10:36 AM)You know, I don't understand the whole debt consolidation thing. I thought the big push was July of 2006. Which has, of course, passed. Also, interest rates now are low, and the Fed is talking about lowering it again, according to the papers. So, there are all these "benefits" to locking in on debt consolidation (one check, one bill, locked in rates)... but if the interest rates drop, I'm fucked and stuck with that higher percentage rate... right?

it's a marketing tactic.

apr for most things are at historic lows - i'm getting a 100% mortgage at 5.25 (national avg is 6.15% though) when 10 years ago it was like 8.00 with someone with my FICO score (above 750) and in the 80's rates were around 15-19%.

now some consolidation places like sallie-mae and chase (if you have good enough credit and want to jump through their 23423434 hoops) will allow you to sign up for whatever the going rate is or the new rate, which ever one is better.
also most places like sallie-mae though will take the average of all your loan's aprs and that will be your fixed apr.

but you can get a 0.125 apr deduction for auto draft from a bank account and after 36 on-time payment you also go down another point. so say you got a rate of 6.64 (mine actually) subtract the auto draft discount so it would be 6.515 and then after 3 years it would be 5.515. thats with sallie-mae consolidation - it is different slightly with different lenders and i still have a year before i have to agree to anything.

also the interest on the student loans is taxable annually (so more of a refund at tax time) and if you have a house and really good job security you could get a helco with tax writeoffs and a lower rate, you can just transfer the student loan debt to a helco.

 

[nephdj]

I go to TAFE in Australia
$AUS 1900 capped each year (plus $400 in books on average a year so far)

Luckly Im not in debt, guess its the plus that im anti sociel lol

 

[pacha69]

I paid mine (talking about 6 years ago) 800 euros a year, without books, computer nothing. it was too much for a student like me, i had to work during vacation to be able to pay my next year

 

[jesterscourt]

its better to consolidate in your grace period than in repayment because the repayment apr is higher and when you consolidate it goes off of whatever current apr you have


Well that's just great. Where were you when I was in my grace period?

taking out student loans before i ran out of aid hehe

You know, I don't understand the whole debt consolidation thing. I thought the big push was July of 2006. Which has, of course, passed. Also, interest rates now are low, and the Fed is talking about lowering it again, according to the papers. So, there are all these "benefits" to locking in on debt consolidation (one check, one bill, locked in rates)... but if the interest rates drop, I'm fucked and stuck with that higher percentage rate... right?

it's a marketing tactic.

apr for most things are at historic lows - i'm getting a 100% mortgage at 5.25 (national avg is 6.15% though) when 10 years ago it was like 8.00 with someone with my FICO score (above 750) and in the 80's rates were around 15-19%.

now some consolidation places like sallie-mae and chase (if you have good enough credit and want to jump through their 23423434 hoops) will allow you to sign up for whatever the going rate is or the new rate, which ever one is better.
also most places like sallie-mae though will take the average of all your loan's aprs and that will be your fixed apr.

but you can get a 0.125 apr deduction for auto draft from a bank account and after 36 on-time payment you also go down another point. so say you got a rate of 6.64 (mine actually) subtract the auto draft discount so it would be 6.515 and then after 3 years it would be 5.515. thats with sallie-mae consolidation - it is different slightly with different lenders and i still have a year before i have to agree to anything.

also the interest on the student loans is taxable annually (so more of a refund at tax time) and if you have a house and really good job security you could get a helco with tax writeoffs and a lower rate, you can just transfer the student loan debt to a helco.

You really expanded my understanding, but I'm still unsure... should I consolidate or not?

 

[pikachucrackpipe]

what terms do you have now?

BTW:
2000th POST!!!!!!!!!!!!!

ehh ....... close enough

 

[spokenrope]

Have fun getting your financial advice from a guy named "pikachucrackpipe."

 

[pikachucrackpipe]

Have fun getting your financial advice from a guy named "pikachucrackpipe."

you do know i have a fico score over 775
my debt to earnings ratio is like 12%
only being 25, i'm 100% financing a 140000 dollar house on my own without cosigner or help that i'm having built for me.
i've never filed bankruptcy, had anything gone to collections or been late on a bill.

plus my fiancee's dad is a CPA

 

[spokenrope]

Oh, I don't doubt your knowledge. I just think it's funny.

 

[pikachucrackpipe]

yeah lol
it kinda is

 

[Myke]

shocked to see american/british students with 10k debt?

then you would crap your pants knowing that my student loans add up to 80k

 

[nintendofreak]

OK, like WTF...
I graduated at the top of my class in High School and I'm going to my Local state college. My friend's boyfriend recommends me to go to Cal Poly (That is the same place your attending?) because
A) I'm pretty smart,
B) Asian gurls!!!!111

But my arguement is always the same.
I'll NEVER have enough money, I forgot to count room and board that must be where it adds up...

HELL YEAH!! Check it out:
http://www.dsa.csupomona.edu/financial_aid/costs.asp

you might be better off living off campus in a apartment. You can take out a loan (stafford?) thats subsidized (no interest till after you graduate

) and stuff. Financial Aid might cover it, are you getting any?

PM me or whatnot.