Debt Dumpers - 2013

[pryncess527]

My student loans add up to that of a small mortgage

I hear you! Since we are in a low cost of housing area, our student loan total is double our mortgage debt !!!

 

[McDISer]

My student loans add up to that of a small mortgage

I know, we told our kids our first home was $33,000.

Wow, your daughter is so lucky to have you. On our wedding day my husband's parents handed over the payment books to their parent loans they took our for his eduction. He and I both have our own loans to add to that. My parents paid $1000 one time and that was all they were willing or able to do. We graduated 15 years ago and still have a long way to go before its all paid off. We consolidated to make it reasonable to pay the monthly payments. We are both teachers so it's not like we went to medical school or anything.

Our oldest dd works for the Federal Government. She is suppose to be able to write off her loans, but since she consolidated in the beginning she no longer can. But there is a new law that if you work for the government for 10 years, and if the stars and the moon line up right (just kidding) the loans are suppose to be forgiven. But if you are a teacher aren't the loans suppose to be forgiven?

 

[pryncess527]

I know, we told our kids our first home was $33,000.

Our oldest dd works for the Federal Government. She is suppose to be able to write off her loans, but since she consolidated in the beginning she no longer can. But there is a new law that if you work for the government for 10 years, and if the stars and the moon line up right (just kidding) the loans are suppose to be forgiven. But if you are a teacher aren't the loans suppose to be forgiven?

Ditto, look into Public Service Loan Forgiveness. It will be our lifesaver! Only 7 more years of payments on my loans! DH just graduated though so his clock just started.

 

[AuroraRora]

My student loans add up to that of a small mortgage

You're not alone disney-inspired, mine were in the six-figures until recently. You can do it!!

 

[ruadisneyfan2]

I don't let them get away with it, but I have to yell or take stuff away before they will listen. I used to do sassy juice. I told them I am starting that again every time they ignore me or their first response is "no". I am OK with "getting the money" part of my house. Its just the interest rate (I know I don't have control) has gone up 1% since I started this adventure and that raises my monthly mortgage about $100. And that monthly rate is stressing me out.

Parenting is such a tough job. The hard part is that no one realizes it until we've already become one; then it's too late.
Hang in there!

 

[ceemys]

WOW I am shocked at the student loan amounts. That is just crazy! But kudos to y'all in getting it taken care of!

Thanks everyone for your encouragement with both my kids and my house. It really means a lot.

 

[AuroraRora]

I've been bugging my roommate to read Dave Ramsey's book for ages, and today she finally started it, yesss! I just got done explaining the snowball system to her - now I'll hopefully have someone as bill-paying obsessive as me lol!

 

[peel]

I refinanced my mortgage (well, one of them) last night. We're going to save $180 a month and we don't have to pay anything this month!

 

[AuroraRora]

Awesome peel!!

 

[gracie1]

You all are doing such a great job!! I can't believe the amount student loans add up to! Kudos to you guys on getting them paid off!
I decided to forego a vacation this year.... Instead I am going to work on getting dental work taken care of. Yuck!! But it has to be done. I did get to a Bon jovi concert this past week, so that was my vacation fund! If anyone is a fan of his and has a chance to go to his concert then definitely do it!! Best concert I have ever been to!!

 

[honeybunches]

But if you are a teacher aren't the loans suppose to be forgiven?

Not in our case. The law says that if your loans were taken before 1998 you don't get loan forgiveness. I graduated in 97 and DH graduated in 98.

 

[AuroraRora]

Gracie - supreeeeemely jealous you got to see Bon Jovi!!

 

[gracie1]

Gracie - supreeeeemely jealous you got to see Bon Jovi!!

I cannot tell you how awesome it was! And he is so adorable What a lucky woman to be married to him!!

 

[ceemys]

I've been bugging my roommate to read Dave Ramsey's book for ages, and today she finally started it, yesss! I just got done explaining the snowball system to her - now I'll hopefully have someone as bill-paying obsessive as me lol!

That's awesome.

I refinanced my mortgage (well, one of them) last night. We're going to save $180 a month and we don't have to pay anything this month!

woot woot!!

You all are doing such a great job!! I can't believe the amount student loans add up to! Kudos to you guys on getting them paid off!
I decided to forego a vacation this year.... Instead I am going to work on getting dental work taken care of. Yuck!! But it has to be done. I did get to a Bon jovi concert this past week, so that was my vacation fund! If anyone is a fan of his and has a chance to go to his concert then definitely do it!! Best concert I have ever been to!!

SOO jealous!! Love Love Bon Jovi!! I forwent my vacation also.

 

[gracie1]

That's awesome.



woot woot!!



SOO jealous!! Love Love Bon Jovi!! I forwent my vacation also.

It's no fun not having a vacation to look forward to - it's tough having to make adult decisions You are doing such a fantastic job saving for your new home, and once your sitting inside of it - that will be the best feeling - better than a vacation

 

[ruadisneyfan2]

It's no fun not having a vacation to look forward to - it's tough having to make adult decisions You are doing such a fantastic job saving for your new home, and once your sitting inside of it - that will be the best feeling - better than a vacation

So true! There were many years when we did nothing fun at all. Every penny went to our fixer upper. I had to remind dh that kids don't stay kids forever and this house will be here long after we're gone.
We've been traveling quite a bit the past few years but now it's time to chill out on that a little again & get back to house things. Roof this year, then exterior painting & a sprinkler system next year, hopefully.

 

[gracie1]

So true! There were many years when we did nothing fun at all. Every penny went to our fixer upper. I had to remind dh that kids don't stay kids forever and this house will be here long after we're gone.
We've been traveling quite a bit the past few years but now it's time to chill out on that a little again & get back to house things. Roof this year, then exterior painting & a sprinkler system next year, hopefully.

It's cheaper to take vacations than maintain a house But it has to be done!! I am probably going to forego vacations for a while, since I just got wind that my boss is resigning from his position - - and you never know what your going to get as another boss!! So I am preparing myself for the worst, like in the past. Thankfully, I am just paying on my home equity and mortgage, so I want to build up my savings as much as I can!
There are two more concerts I plan to see, and they are both well within driving distance, so it won't be bad.

 

[McDISer]

Not in our case. The law says that if your loans were taken before 1998 you don't get loan forgiveness. I graduated in 97 and DH graduated in 98.

Wow, that stinks. We had another family meeting this weekend. Some of our kids were feeling some resentment or frustration with their student loans. It was probably good that everyone got to voice their opinions and found out mom and dad pretty much kept it equal across the board. It sure helped to remind them how we paid the extra tuition that wasn't covered each semester and all the grocery, Walmart, Target runs we did.

We had the discussion again about tackling their student loans. To work on one, and get the satisfaction by paying it off early. I told them too, if they had not gone to college and gotten their degrees, they probably would have bought 2 cars in the last 5-10 years which would of cost $15,000 a piece and where is that vehicle-depreciated or gone. At least they all have their degrees and education. That will never be taken away from them.

 

[pryncess527]

Not in our case. The law says that if your loans were taken before 1998 you don't get loan forgiveness. I graduated in 97 and DH graduated in 98.

I know that was true of the Teacher Loan Forgiveness program, but I'm not aware of any restriction on when loans are taken for the Public Service Loan Forgiveness program. Of course, only payments made after 2007 would count, since that is when the program started, and that may be late enough that it doesn't help you much if your loans will be paid off before 2017 anyway -- but if not, you may want to look into it.

http://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service

 

[honeybunches]

I know that was true of the Teacher Loan Forgiveness program, but I'm not aware of any restriction on when loans are taken for the Public Service Loan Forgiveness program. Of course, only payments made after 2007 would count, since that is when the program started, and that may be late enough that it doesn't help you much if your loans will be paid off before 2017 anyway -- but if not, you may want to look into it.

http://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service

Thanks we are going to look into this!