Friday, August 12, 2011
I owe 200 k in student loans and make 40 k, will 50 bucks a month keep me from default in 2009?
I owe 200 k in student loans and make 40 k, will 50 bucks a month keep me from default in 2009?
I understand that a few years ago, if you paid at least 50 a month you would be current and not go into default. However, I'm being asked to dish out $2000 a month (yea I took out extra money for the cars, girls, and parties I'm human just like you) but I can't dish out 2000 a month if i want a condo, wife and kids (American nightmare). So do I move to colombia and become a farmer, or do I pay 50 a month and expect to stay current even with late fees? True honest answers from experienced debtors would be appreciated...anyone have any advice as to how they would go about making 2000 a month and owing 2000 a month in student loans alone... second job sounds good but I wasn't born to work 70 hours a week just to pay "the man" and who said I didn't want to live like a college student the rest of my life? No I am not going to live with my mom Im 23. I guess I'll be joining the military...
Financial Aid - 3 Answers
Random Answers, Critics, Comments, Opinions :
1 :
$50 LOL, I owe $9500 and they want $137.
2 :
Fifty dollars a month will not keep you out of default with a debt of 200K and this has never been the case that I am aware of. Federal loans sometimes will advertise a "minimum 50 dollar payment" but if you read more in depth it is to inform you that this is the minimum payment no matter how LITTLE you borrow, not how much. Example: If you just borrow 1,500 total in student loans your minimum payment would be 50 dollars when you graduate. (This is about the same payment as someone who borrowed as much as 5,000 total). Besides, with that much of a debt, I'm sure you have private student loans as well, and those payments and terms are a lot different that the federal loan terms. (variable interest rates - and payments, prepayment penalties, 30 year payment term instead of 10). My advise is to put off the American nightmare for a while and move back in with the parents, grandparents, sibling, cousin, etc. to cut your expenses. Do that..... AND go out and get a second job, 40 hours a week isn't meeting your needs so you need to step it up. 50 dollars a month will not keep you out of defalut and if you don't do something quickly its going to get a lot worse once you are into default. An extra 20 hours on the weekends or in the evening isn't going to kill you. The moral of this story is if you live like a professional when you are a college student (cars, girls, parities...) you will live like a college student when you graduate. You might want to inform those who are your cosigners for these loans you are having problems paying, they will be the ones the most motivated to put you in their basement or help you find that second job.
3 :
The person above me is right, you need to cut your expenses. Either move in with mom or get a couple roommates. If you pay just $50, the interest accrued each month will be more than what you're paying, so the total amount you owe will actually go up each month. You can never get rid of a student loan except by paying it off. Bankruptcy won't get rid of them. So the best thing to do is pay it off as fast as you can NOW, before the amount you owe gets even higher. Look at this page. http://www.ed.gov/offices/OSFAP/DirectLoan/RepayCalc/dlentry1.html If you put in $200,000, you can see that if you pay the $2000 a month you will pay a total of $276,000 back. But if you use the extended plan, which is still $1300 a month, you will pay back $416,000. Now imagine the difference it will make if you only pay $50 instead of $1300. And this is on government loan interest rates. If you had private loans, the interest rate will be even higher and add up faster. If you make some serious sacrifices for a few years, you can get this loan under control. If you ignore it, it will just get worse. It sucks that you made the mistake of not realizing how much you'd have to pay back, and now you're paying for it, but you really do have to pay it off, and the faster the better.
4 :
Jesus Christ, that's a lot of money. I'm going to assume that some of that is from private loans because there's no way you could get into that much debt from a Federal loan. Cut your expenses and get a second job. A condo might not be the best bet for someone making only $40,000 a year. Get a regular apartment, even if it is crappy. It'll free up some of your cash to keep you current because $50 isn't going to cut it. Try to find any job you can on the weekends because money is money. Look in bars or restaurants where you can make a lot in tips especially on weekends and holiday breaks. If you can't manage to stay current, they will take out the $2,000 straight from your paycheck before you even see it or have time to miss it. And if it comes to it, you can say bye-bye to your income tax returns because you won't get those until they are satisfied. Try writing a letter to the people you owe. If you can prove that you are currently facing hardship, they might change the minimum payments or forgive you for a few months.
5 :
Do not just pay $50 a month. The "american nightmare" will be put off a heck of a lot longer because your credit will be effected and you wont be able to make any decent purchases. And yes, you may be human, but if you were going to be that much in debt, I think you should have thought about how much you were taking out! Was it an expensive college and the college costs are most of the $200k in debt? Or was it a cheap college and you were just taking out crazy extra money? Either way, thats a heck of a lot of debt unless you are a doctor or something! Call your loan companies and see what they can do for you. Some offer a repayment method of up to 30 years (if not, they definitely offer a 20 year repayment). Your payments will be lower, but you will pay them back longer. Yes, the payments will still be ovver $1000, but thats the beauty of graduating college and growing up, you HAVE to pay back what you borrowed. Loans arent free money unfortunately, and you will have to pay them back in increments of more than $50 a month
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15 year old exchange student in France... i think i want to go back home. HELP PLEASE! :(?
15 year old exchange student in France... i think i want to go back home. HELP PLEASE! :(?
its only been 2 weeks, i miss my family like crazy, Schools not doing too good. I thought i knew french, until i got here :(.. (I can understand it and read it but i cant speak it) it feels like being locked in a cage where someone talks to you and you cant find the right words to respond even though u want to. I miss my mom like crazy, i miss my home, my room, my family, my friends, my school, my teachers.. the food in my country (Colombia).. ugh. mayube i shouldve waited.. 15 is too young. Idk what to do, my host family are amazing but i still miss my family like crazy, I talked to the program and my host mom and asked if i REALLY REALLY wanted (had) to go back, if i could go back early, and they said yes. But theres no money back,, anyways money isnt the problem!! Has anyone done a student exchange before???? helppp :( :( i want to go back home!! :( and its only been 2 weeks!! and Im supposed to be here for A YEAR!! if i go back early,, it would AT MINIMUM be at 4 or 5 months. I havnt told my parents anything yet (about me wanting to go back home early) because i dont want them to think they payed all this (very expensive) for nothing,, they think Im having a great time and that i'll be able to do the whole year but i cant!! im too weak! idk i just cant :( :( :( HELP :( ill feel like ill let them down.. like they were so happy about me coming here.. like so proud that i was taking this huge step.. ughh HELP :( :(
Studying Abroad - 4 Answers
Random Answers, Critics, Comments, Opinions :
1 :
You wanted to play professional mature student, now you got it. Instead of running home to mommy try and stick it out and become the adult your parents are investing all this time and money to make you one.
2 :
Do what Idaho says
3 :
I can understand this is a difficult situation, I've been through the same!!! I think you shouldn't give up because you'll regret it for the rest of your life. The first few weeks are going to be the hardest but don't worry I'm sure you'll soon find your marks. Somedays you'll feel so lonely it's going to hurt and somedays you'll think you're the luckiest person ever!!! if you want to talk more don't hesitate!
4 :
I totally get what you mean. I think that you should try to stay for a little while longer. You probably went on this trip because you are interested in learning french further. I think that as your trip progresses you will grow to enjoy it and you will gradually begin to understand french more and more. I think that even after a few more weeks you will be impressed by how much you've grown. I get homesick too. Why don't you send them a postcard or letter. If you don't want to mention your homesickness, why don't you tell them about your host parents and about the sights you've seen so far. Maybe you can arrange a time to video chat with them or skype with them or something. Also, maybe you can discuss them visiting you sometime soon. I don't know if visiting will make you more or less homesick. Maybe if you just try to focus on your work and on enjoying the food and culture of France, you'll get less homesick. Good luck and I hope everything goes well!
Read more other entries :
its only been 2 weeks, i miss my family like crazy, Schools not doing too good. I thought i knew french, until i got here :(.. (I can understand it and read it but i cant speak it) it feels like being locked in a cage where someone talks to you and you cant find the right words to respond even though u want to. I miss my mom like crazy, i miss my home, my room, my family, my friends, my school, my teachers.. the food in my country (Colombia).. ugh. mayube i shouldve waited.. 15 is too young. Idk what to do, my host family are amazing but i still miss my family like crazy, I talked to the program and my host mom and asked if i REALLY REALLY wanted (had) to go back, if i could go back early, and they said yes. But theres no money back,, anyways money isnt the problem!! Has anyone done a student exchange before???? helppp :( :( i want to go back home!! :( and its only been 2 weeks!! and Im supposed to be here for A YEAR!! if i go back early,, it would AT MINIMUM be at 4 or 5 months. I havnt told my parents anything yet (about me wanting to go back home early) because i dont want them to think they payed all this (very expensive) for nothing,, they think Im having a great time and that i'll be able to do the whole year but i cant!! im too weak! idk i just cant :( :( :( HELP :( ill feel like ill let them down.. like they were so happy about me coming here.. like so proud that i was taking this huge step.. ughh HELP :( :(
Studying Abroad - 4 Answers
Random Answers, Critics, Comments, Opinions :
1 :
You wanted to play professional mature student, now you got it. Instead of running home to mommy try and stick it out and become the adult your parents are investing all this time and money to make you one.
2 :
Do what Idaho says
3 :
I can understand this is a difficult situation, I've been through the same!!! I think you shouldn't give up because you'll regret it for the rest of your life. The first few weeks are going to be the hardest but don't worry I'm sure you'll soon find your marks. Somedays you'll feel so lonely it's going to hurt and somedays you'll think you're the luckiest person ever!!! if you want to talk more don't hesitate!
4 :
I totally get what you mean. I think that you should try to stay for a little while longer. You probably went on this trip because you are interested in learning french further. I think that as your trip progresses you will grow to enjoy it and you will gradually begin to understand french more and more. I think that even after a few more weeks you will be impressed by how much you've grown. I get homesick too. Why don't you send them a postcard or letter. If you don't want to mention your homesickness, why don't you tell them about your host parents and about the sights you've seen so far. Maybe you can arrange a time to video chat with them or skype with them or something. Also, maybe you can discuss them visiting you sometime soon. I don't know if visiting will make you more or less homesick. Maybe if you just try to focus on your work and on enjoying the food and culture of France, you'll get less homesick. Good luck and I hope everything goes well!
Read more other entries :
Student loan payments can't be lowered?
Student loan payments can't be lowered?
I heard destroying your credit is not good (not that I can afford a house or car anyway because im in the low income class) so I called my student loan companies to arrange a lower payment and was told i don't qualify for lower payments or deferment. So what would you do, pay your whole salary to sallie mae or just let the IRS garnish down the road which will be way less than actually paying...again having good credit doesn't matter to me im poor and can't afford a house or car anyway and probably never will unless i get lucky or risk my life in the black market which i won't...(or move to colombia)? Im not gonna sell more than 40 hours of my soul to a second or third job only to die of a stroke at 23, life is enough of a bitch... i know the IRS would garnish until the full amount until it is paid but at least it will only be 1/3 at a time not 3/3 of my salary like salliemae wants now... low self esteem and reality are two different things, lets be honest most poor people die poor unless u get lucky, risk ur life, if u think u got out of poverty cuz u worked hard it was just luck, some are born orphans others royalty lets be open minded hey i wish the creator...no war no poverty no diseases
Financial Aid - 3 Answers
Random Answers, Critics, Comments, Opinions :
1 :
You get a second job.
2 :
I would make the payments, even if it means getting a second job. Credit doesn't only affect your ability to purchase a house or car. Many employers now do credit checks to see what your credit score is. They do not have to give you the option of lower payments because you should have been keeping track of what your payments would be while you were borrowing the money. However, you can defer your student loans for up to three years, if you have difficulty making the payments. Just remember that the interest is going to keep accruing during that time so you will end up owing more. Student loans are a debt that are better paid then messed with. Not only can the IRS garnish a large portion of your wages, they can also garnish any tax refunds (if you get one), and place a hold on your passport. There has been talk of placing a hold on one's drivers license if they default on the student loan. Try to speak to someone again, or meet with a financial advisor if you truly cannot make the payments. Edit - Just read your feelings on a second job... welcome to the real world! Many of us work more than 40 hours to make ends meet ~ sometimes it's what can bring you up out of poverty. You do what you have to do ~ you're an adult now and you have responsibilites!
3 :
Why do you have such a low level of self esteem you want out of poverty you can get out !!!!!!!! you hold the key to your destiny its so sad your so young and have such a bad out look on life owing a loan ant the worst case scenario
Read more other entries :
I heard destroying your credit is not good (not that I can afford a house or car anyway because im in the low income class) so I called my student loan companies to arrange a lower payment and was told i don't qualify for lower payments or deferment. So what would you do, pay your whole salary to sallie mae or just let the IRS garnish down the road which will be way less than actually paying...again having good credit doesn't matter to me im poor and can't afford a house or car anyway and probably never will unless i get lucky or risk my life in the black market which i won't...(or move to colombia)? Im not gonna sell more than 40 hours of my soul to a second or third job only to die of a stroke at 23, life is enough of a bitch... i know the IRS would garnish until the full amount until it is paid but at least it will only be 1/3 at a time not 3/3 of my salary like salliemae wants now... low self esteem and reality are two different things, lets be honest most poor people die poor unless u get lucky, risk ur life, if u think u got out of poverty cuz u worked hard it was just luck, some are born orphans others royalty lets be open minded hey i wish the creator...no war no poverty no diseases
Financial Aid - 3 Answers
Random Answers, Critics, Comments, Opinions :
1 :
You get a second job.
2 :
I would make the payments, even if it means getting a second job. Credit doesn't only affect your ability to purchase a house or car. Many employers now do credit checks to see what your credit score is. They do not have to give you the option of lower payments because you should have been keeping track of what your payments would be while you were borrowing the money. However, you can defer your student loans for up to three years, if you have difficulty making the payments. Just remember that the interest is going to keep accruing during that time so you will end up owing more. Student loans are a debt that are better paid then messed with. Not only can the IRS garnish a large portion of your wages, they can also garnish any tax refunds (if you get one), and place a hold on your passport. There has been talk of placing a hold on one's drivers license if they default on the student loan. Try to speak to someone again, or meet with a financial advisor if you truly cannot make the payments. Edit - Just read your feelings on a second job... welcome to the real world! Many of us work more than 40 hours to make ends meet ~ sometimes it's what can bring you up out of poverty. You do what you have to do ~ you're an adult now and you have responsibilites!
3 :
Why do you have such a low level of self esteem you want out of poverty you can get out !!!!!!!! you hold the key to your destiny its so sad your so young and have such a bad out look on life owing a loan ant the worst case scenario
Read more other entries :
How safe is the El Dorado Airport in Bogotá, Colombia?
How safe is the El Dorado Airport in Bogotá, Colombia?
I am planning to travel to Santiago, Chile in December 2010 for about a month. There is one ticket I found for cheap with Avianca, but it has 1 stop in Bogota, Colombia, both ways. Going to Chile it has a layover in the afternoon for almost 9 hrs and coming back to the US the layover is 11 hrs in the afternoon again. I know it's a hassle but I would be saving almost $400 dollars, which is a lot for a college student these days. I usually travel with LanChile, which usually stops in Lima for about an hour, so you don't even need to get off the plane, or it's a direct flight. I was wondering how safe would it be for a young American woman to wait in Bogota for that long period of time? My mother is worried as she says it is very unsafe because of the whole drug and political problem in the country. I want to buy this ticket asap as it is extremely cheap, but mother says that it is that low price because no one wants to take a risk and to stop in Colombia. Please help me with your experience and opinion! Thanks!!!
Air Travel - 2 Answers
Random Answers, Critics, Comments, Opinions :
1 :
I was going to Caracas, Venezuela last year and there was a possibility of a flight via Bogota (for some reason). A colleague warned me to avoid anything that involved a wait in Bogota airport at any costs. However, over in Latin America, most are of the firm belief that the reputation of Bogota is a little outdated now, and it is a much safer city than certainly it used to be. Local Venezuelans from Caracas actually said they would prefer Bogota to Caracas! I wouldn't want an 11 hour stay, but then it wouldn't be the airport putting me off but the long hours.
2 :
You can find a bunch of good layover tips for Bogota layovers (including things to do) here - http://www.layoverguide.com/2009/12/layover-in-bogota-columbia.html
Read more other entries :
I am planning to travel to Santiago, Chile in December 2010 for about a month. There is one ticket I found for cheap with Avianca, but it has 1 stop in Bogota, Colombia, both ways. Going to Chile it has a layover in the afternoon for almost 9 hrs and coming back to the US the layover is 11 hrs in the afternoon again. I know it's a hassle but I would be saving almost $400 dollars, which is a lot for a college student these days. I usually travel with LanChile, which usually stops in Lima for about an hour, so you don't even need to get off the plane, or it's a direct flight. I was wondering how safe would it be for a young American woman to wait in Bogota for that long period of time? My mother is worried as she says it is very unsafe because of the whole drug and political problem in the country. I want to buy this ticket asap as it is extremely cheap, but mother says that it is that low price because no one wants to take a risk and to stop in Colombia. Please help me with your experience and opinion! Thanks!!!
Air Travel - 2 Answers
Random Answers, Critics, Comments, Opinions :
1 :
I was going to Caracas, Venezuela last year and there was a possibility of a flight via Bogota (for some reason). A colleague warned me to avoid anything that involved a wait in Bogota airport at any costs. However, over in Latin America, most are of the firm belief that the reputation of Bogota is a little outdated now, and it is a much safer city than certainly it used to be. Local Venezuelans from Caracas actually said they would prefer Bogota to Caracas! I wouldn't want an 11 hour stay, but then it wouldn't be the airport putting me off but the long hours.
2 :
You can find a bunch of good layover tips for Bogota layovers (including things to do) here - http://www.layoverguide.com/2009/12/layover-in-bogota-columbia.html
Read more other entries :
Exchange student to france?
Exchange student to france?
Hello, i'm in MN and i already decided with my whole family that i'm going to be a exchange student to go to france for my junior year (I go in freshman in august) i have one year studying french, and i already know spanish, Ok..so i yet don't know what program is the best to go to france with, any ideas? has anyone been an exchange student from the us (to any country, or to france) what program did you go with, how was it? also, are there any things i should be aware of about france? do i get credits and especial classes like here in the united states there in paris (like advanced math classes and stuff?) i mean, i used to live in colombia and we didnt get any of that everybody got the same classes (i'm worried i'll get caught up in school work) i know is 2 years away but i want to have it all ready before i begin to save... since is so much money! (Maybe i could get it all in year!)
Studying Abroad - 2 Answers
Random Answers, Critics, Comments, Opinions :
1 :
I'm also planing on studying abroad and I am going with the Rotary Youth Exchange.
2 :
Hi, France is great - I went there an exchange student myself, but trust me: the school system is nothing like at home. So you might just as well forget about getting credits, points, degrees or what not. Now what I would recommend, especially because you still have some time: go on www.best-student-exchange.com, that is an open portal for student exchange where I also found my host families. There are plenty of families from France: why don't you contact one of them and arrange like a 2 or 3 weeks exchange, with one or two or even three families this summer or for next summer, that way you improve your French before starting school, you can check out the country and perhaps on of the families is your preferred family and you can arrange a full-year-exchange with them? For international student exchange for high school students this is the best of all student exchange programs, because it only cost like not even 200$
Read more other entries :
Hello, i'm in MN and i already decided with my whole family that i'm going to be a exchange student to go to france for my junior year (I go in freshman in august) i have one year studying french, and i already know spanish, Ok..so i yet don't know what program is the best to go to france with, any ideas? has anyone been an exchange student from the us (to any country, or to france) what program did you go with, how was it? also, are there any things i should be aware of about france? do i get credits and especial classes like here in the united states there in paris (like advanced math classes and stuff?) i mean, i used to live in colombia and we didnt get any of that everybody got the same classes (i'm worried i'll get caught up in school work) i know is 2 years away but i want to have it all ready before i begin to save... since is so much money! (Maybe i could get it all in year!)
Studying Abroad - 2 Answers
Random Answers, Critics, Comments, Opinions :
1 :
I'm also planing on studying abroad and I am going with the Rotary Youth Exchange.
2 :
Hi, France is great - I went there an exchange student myself, but trust me: the school system is nothing like at home. So you might just as well forget about getting credits, points, degrees or what not. Now what I would recommend, especially because you still have some time: go on www.best-student-exchange.com, that is an open portal for student exchange where I also found my host families. There are plenty of families from France: why don't you contact one of them and arrange like a 2 or 3 weeks exchange, with one or two or even three families this summer or for next summer, that way you improve your French before starting school, you can check out the country and perhaps on of the families is your preferred family and you can arrange a full-year-exchange with them? For international student exchange for high school students this is the best of all student exchange programs, because it only cost like not even 200$
Read more other entries :
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