Debt Dumpers - 2016

[Sarah'sMomfrom PA]

I certainly did not intend to undermine your student loan concerns with my previous statement though! Student loans are staggering for everyone, simply because the interest rates are so out of control. It's amazing how quickly the amount can balloon with a 7.9% interest rate. If I hadn't known about the option of loan forgiveness going into grad school, I really think I would have looked more closely at borrowing from private lenders. I mean, DH and I have a mortgage at 4.25% and a car loan at 1.9%. We both have excellent credit and have never missed a payment. Yet my lowest interest rate on student loans is 5%, and that's the one without forgiveness. The government also ended subsidized student loans after my first year of grad school as well, so I had approximately $20k in interest compounded into my principal when I graduated.

 

[gracie1]

I don't post often, but as of today I'm student loan debt free!!! I'm happy enough to cry!!!

Congrats!! That is fantastic!

 

[gracie1]

Guys...

I GOT THE JOB!!! I just got the call, the five people who interviewed me unanimously voted for me!! I am so, so thrilled! This is especially exciting for me because it's my first permanent job as my current job and my previous job were both one year term positions. Thank you to all of you who have listened to me complain about my current job and listened when I struggled! It has finally paid off, and I am so happy!

Congrats on the new job!! When will you give notice at your new job - I can just picture that you will be smiling when you give your notice!! Lol!!

 

[Sarah'sMomfrom PA]

My daughter definitely feels your pain...she graduated with her doctorate in Pharmacy from a school in Boston and currently has $249K in student loans with interest rates ranging from 6.5 to 7.9%. She makes really good money but the interest rates on these loans are just plain crazy when you can get mortgages/home equity and car loans for cheaper. If she went the route of the 10 year plan, her monthly payments were over $4000.00 a month. The government really should step in and do something to drop the interest rates for these students.

 

[DisneyMandC]

Congrats on the new job!! When will you give notice at your new job - I can just picture that you will be smiling when you give your notice!! Lol!!

LOL I probably will be! My mom told me to tell her it's been a great learning experience and try not to gag when I say it I will give my notice tomorrow! I received the official offer letter just a few ago and am already getting emails from them about needing to sign up for conferences for later this summer. I'm very excited! I can't particularly imagine my boss will be upset. But I don't really care either way!

 

[gracie1]

So I got my car back on Monday - luckily it was only the starter. So it set me back about $300 but that was with the towing and my insurance company will be reimbursing me for the tow bill. The next project on my list is to get gutters on my house - I currently don't have them. I met with some contractors and was really interested in the gutter guards where they never have to be cleaned but oh my gosh are they expensive!!!
If anyone has the gutter guard system I would love to hear your feedback.

 

[Ngwira]

:grumble grumble: yes...

Hahaha. I am glad I stayed in it to get myself this job. But it has really been a toll on my mental sanity staying in it. I've at least had a number of people step forward to tell me they had similar problems at this job when they worked here. So at least I know I'm not alone. I'm trying to decide what I'm going to say in my exit interview. I know I shouldn't burn any bridges, but at the same time I feel like telling them their feedback has been rude and unhelpful, at best.

I know what you mean but you never want to burn bridges. Just take the high road and keep things professional.your action of leaving speaks volumes.

 

[Ngwira]

Ummmm, I was looking at the public service forgiveness, and it didn't seem like a super great plan. Don't get me wrong, it has some potential, but from what I was reading on it, you have to make 120 monthly payments - and most student loans are paid off in 120 payments. So, the amount that is forgiven either doesn't exist cause you've paid it off, or isn't much because you've paid most of it off.

Didn't work for me either as I've been paying on my loans for 10 years. The payments they quoted me were super high and nothing would be "forgiven" after the 10 year period. DH is in the same boat.

 

[Ngwira]

It is working for one of my staff attorneys. He graduated with $230,000 in loans but is single and makes 50k. His payments are $300.00 and after 10 years he will have over $200,000 forgiven plus interest!! Those are the people it works for. I "only" owe $70k so paying $900 a month for 10 years means I'd pay back more than I owe. And I've already been paying for 10 years.

 

[Ngwira]

LOL I probably will be! My mom told me to tell her it's been a great learning experience and try not to gag when I say it I will give my notice tomorrow! I received the official offer letter just a few ago and am already getting emails from them about needing to sign up for conferences for later this summer. I'm very excited! I can't particularly imagine my boss will be upset. But I don't really care either way!

Mazel tov from a fellow public interest Attorney!!

 

[Ngwira]

I dodged Murphy today. My heat/ac in my car only comes on when the knob is turned all the way to 3 which is the 2nd highest setting. I thought it was a radiator($$$) problem. Turns out the knob only needs to be replaced. I'll get it repaired next weekend.

 

[OhMari]

Yes! I am actually taking a pay cut with this job (you can tell how much I hate my current job considering I'm thrilled to take a significant pay cut), so I will submit new income certification forms for my new job and the payment will drop. I have one other lower interest student loan with about $6900 left on it, so I'm hoping to use the money saved from these loan payments each month to finish that off, since that loan is not eligible for forgiveness.

Really happy for you. You should never stay at a job, you do not like. One word of advice, which you probably know, do not consolidate your loans, then you loose that forgiveness.

 

[DisneyMandC]

Thank you all for the kind words and tips!! I'll let you know how it goes when I give my notice tomorrow.

It is working for one of my staff attorneys. He graduated with $230,000 in loans but is single and makes 50k. His payments are $300.00 and after 10 years he will have over $200,000 forgiven plus interest!! Those are the people it works for. I "only" owe $70k so paying $900 a month for 10 years means I'd pay back more than I owe. And I've already been paying for 10 years.

Yup, I'm looking at $140k right now, plus the $6900 I have on one other loan. You really have to watch it and make sure they have you on the right plan for it and everything. I actually had to sit down and help one of my college professors who helped me get into law school with it. Unfortunately, she had been working for the state for several years, but had been on the extended payment plan so none of those payments qualified towards loan forgiveness. I am getting ready to submit my certification form for this job and get a couple more months in towards qualifying payments.

Really happy for you. You should never stay at a job, you do not like. One word of advice, which you probably know, do not consolidate your loans, then you loose that forgiveness.

Definitely not consolidating! I get that advice from people all the time. I've actually checked with SoFi, and their interest rate in consolidation would still be around 6.7%. Not worth it when I do have a couple that are lower than that, besides the fact that I'll now be in public service.

 

[Ngwira]

Thank you all for the kind words and tips!! I'll let you know how it goes when I give my notice tomorrow.



Yup, I'm looking at $140k right now, plus the $6900 I have on one other loan. You really have to watch it and make sure they have you on the right plan for it and everything. I actually had to sit down and help one of my college professors who helped me get into law school with it. Unfortunately, she had been working for the state for several years, but had been on the extended payment plan so none of those payments qualified towards loan forgiveness. I am getting ready to submit my certification form for this job and get a couple more months in towards qualifying payments.



Definitely not consolidating! I get that advice from people all the time. I've actually checked with SoFi, and their interest rate in consolidation would still be around 6.7%. Not worth it when I do have a couple that are lower than that, besides the fact that I'll now be in public service.

Good luck, today. Yes, they put me on the income contingent plan which qualifies me for the public interest student loan forgiveness but It wouldn't help me in my particular situation. My only comfort is that my interest rate is 1.75 since I consolidated in 2004 and direct debit for an extra .25 rate reduction.

 

[DisneyMandC]

Good luck, today. Yes, they put me on the income contingent plan which qualifies me for the public interest student loan forgiveness but It wouldn't help me in my particular situation. My only comfort is that my interest rate is 1.75 since I consolidated in 2004 and direct debit for an extra .25 rate reduction.

1.75!? Oh man, that's a dream come true! I am on direct debit as well, so I do get the extra .25% off. Every little bit helps. And thanks! Just got to work so we'll see how it goes here in a little while.

 

[PrincessKymm]

I paid off my smallest card! I have also paid all of my bills for the month. Everything now is "flexible" but we leave for WDW in 22 days so I will be punching my pennies to have more Disney money! I do have to pay June rent but that's for my next paycheck so yay! I feel like I'm making progress.

I am looking forward to June when I can pay a big chunk of my next card with the debt snowball. It's going to feel so good!!!!!!

 

[DisneyMandC]

MY BOSS TOOK THE DAY OFF

Guess she's getting my notice first thing Monday morning... how frustrating!

 

[DisneyMandC]

So we got DH's bonus today! But we forgot about taxes being taken out of it... whomp whomp It's still a good amount of money, but will not allow us to pay off DH's car as soon as we'd hoped. Because of some other expenses that have popped up recently, we're actually going to put the bonus in our high interest savings account for a little bit and let it work for us. The interest on DH's car is only 1.9% after all, so it's not like we're drowning in interest payments on that. There's a horse show I can make it to at the end of the month to braid some horses and pull in some extra cash, so we're hoping to throw that towards his car.

We're getting there, slowly but surely! I figure with my luck getting the job this week, maybe I'll stop and play mega millions tonight and hit the jackpot!

 

[dayvewc]

So we got DH's bonus today! But we forgot about taxes being taken out of it... whomp whomp It's still a good amount of money, but will not allow us to pay off DH's car as soon as we'd hoped. Because of some other expenses that have popped up recently, we're actually going to put the bonus in our high interest savings account for a little bit and let it work for us. The interest on DH's car is only 1.9% after all, so it's not like we're drowning in interest payments on that. There's a horse show I can make it to at the end of the month to braid some horses and pull in some extra cash, so we're hoping to throw that towards his car.

We're getting there, slowly but surely! I figure with my luck getting the job this week, maybe I'll stop and play mega millions tonight and hit the jackpot!

So, if you win, are you going to spring for the Dining Plan for all of us?

 

[DisneyMandC]

So, if you win, are you going to spring for the Dining Plan for all of us?

Ha! Maybe the quick service! LOL!