Paying student loans

[BCV513]

Wow, so all this time when I've been working and paying back my loans, I've had it all wrong!

I can just say I "won't" work and go on two vacations per year! Check out the OP's signature. A cruise in January and a WDW trip in August. Nice, huh?

I wonder what my bank would say if I told them I won't pay my mortgage this month?

 

[adventure_woman]

To all the posters who have had a kind encouraging word - thank you. It makes me feel better that I am not alone and that it can be done.

And, not that anything needs justifying - but something to all those others saying never take a vacation until all debt is paid off.... Do you rent movies? Do you buy books? Do you get haircuts/pedicures/manicures/etc? We don't - we get movies from the library, books from the library, I only get a haircut maybe once a year and DH shaves his head in the shower so he doesn't have to pay the $18 every 6 weeks. The only thing extra we have splurged on was our cruise. We didn't do Christmas for each other or my birthday. In the meantime we also paid off our van.

Wow, so all this time when I've been working and paying back my loans, I've had it all wrong!

I can just say I "won't" work and go on two vacations per year! Check out the OP's signature. A cruise in January and a WDW trip in August. Nice, huh?

I wonder what my bank would say if I told them I won't pay my mortgage this month?

Thank you for such the kind encouraging words. Read through all the posts.

Also - if you think me staying home and raising my 2 daughters isn't "work" you have another thing coming. I work harder than I ever have staying home with my girls. Just saying that because I choose to raise my girls instead of having someone else do it for me doesn't mean that I'm not working.

 

[Planogirl]

Wow, so all this time when I've been working and paying back my loans, I've had it all wrong!

I can just say I "won't" work and go on two vacations per year! Check out the OP's signature. A cruise in January and a WDW trip in August. Nice, huh?

I wonder what my bank would say if I told them I won't pay my mortgage this month?

It's not the same.

The lender won't repossess the education if she doesn't pay. In fact, she has approval to not start paying yet so she won't be late at all. However, that interest does accrue...

 

[bettymae1121]

Just saying that because I choose to raise my girls instead of having someone else do it for me doesn't mean that I'm not working.

Ah yes, the Mommy Wars. SAH parents are superior to those that work outside the home and anyone that uses a daycare, nanny, sitter, friend, or relative is letting someone else raise their kids.

And here I thought my parents raised me, guess it was really the nice lady that watched me FT for one year and PT for 2 years when my mother had to go back to work to pay off medical bills. Silly me!

Look, you'd rather stay at home with your kids than pay off your loans faster. That's fine, it's your choice. But then you have to live with paying off the loans over a longer period of time and paying more interest in the long run. Only you can decide if it's worth it or not.

Sitting for other kids (or I guess you'd be raising them, right?) is the best way for you to stay home and bring in income. You may want to try posting an ad on Care.com stating you can watch children in your home. No one you know may need child care but I can just about guarantee their are people in your area that would love good quality affordable child care.

 

[Tinker'n'Fun]

Ah yes, the Mommy Wars. SAH parents are superior to those that work outside the home and anyone that uses a daycare, nanny, sitter, friend, or relative is letting someone else raise their kids.

And here I thought my parents raised me, guess it was really the nice lady that watched me FT for one year and PT for 2 years when my mother had to go back to work to pay off medical bills. Silly me!

Look, you'd rather stay at home with your kids than pay off your loans faster. That's fine, it's your choice. But then you have to live with paying off the loans over a longer period of time and paying more interest in the long run. Only you can decide if it's worth it or not.

Sitting for other kids (or I guess you'd be raising them, right?) is the best way for you to stay home and bring in income. You may want to try posting an ad on Care.com stating you can watch children in your home. No one you know may need child care but I can just about guarantee their are people in your area that would love good quality affordable child care.

Actually this is perfect. I was lucky. I didn't need to use daycare, but I would have put my child with a SAHM (after doing a thorough check) any day over a daycare.

OP, is this something you could do, as socialization for your children is a good thing also, being with Mom 24/7 can be a bad thing, they need some diversity and having a few other children over could be a great benefit to your children and a great benefit to parents looking for what is the best scenario for their children.

 

[adventure_woman]

Ah yes, the Mommy Wars. SAH parents are superior to those that work outside the home and anyone that uses a daycare, nanny, sitter, friend, or relative is letting someone else raise their kids.

You're right and I am sorry. It just really hit a bad nerve when I feel someone suggest that I "don't work". I give props to all moms who can still work FT after they have their children - I couldn't do it. Cried every night for 5 months until I found the perfect PT job at night (that I lost due to the economy).

Anyway - I was just looking for support in the student loan area - I feel we have done great by paying off our CC and cars (and will continue to think that).

 

[indimom]

Ah yes, the Mommy Wars. SAH parents are superior to those that work outside the home and anyone that uses a daycare, nanny, sitter, friend, or relative is letting someone else raise their kids.

And here I thought my parents raised me, guess it was really the nice lady that watched me FT for one year and PT for 2 years when my mother had to go back to work to pay off medical bills. Silly me!

Look, you'd rather stay at home with your kids than pay off your loans faster. That's fine, it's your choice. But then you have to live with paying off the loans over a longer period of time and paying more interest in the long run. Only you can decide if it's worth it or not.

Sitting for other kids (or I guess you'd be raising them, right?) is the best way for you to stay home and bring in income. You may want to try posting an ad on Care.com stating you can watch children in your home. No one you know may need child care but I can just about guarantee their are people in your area that would love good quality affordable child care.[/QUOTE]

Assuming you like kids , I really think this is one of the simplest ways for a stay at home mom to bring in an income with little to no additional effort.
Your kids get additional playmates, and you just cook bigger portions of whatever you would normally provide. Honestly, it doesn't really get any worse than changing a few extra diapers every day and investigating your state requirements for in-home care and finding a sample contract on the internet.
On top of the income you'll bring in, you can write off some of your utilities, etc., lowering your tax burden just a bit.
Bettymae is right, parents are always looking for quality child care. I've been in the day care biz for 15 years, my openings fill up almost before they open up. And I only had to advertise once, right at the start, 15 years ago.

 

[luvsJack]

You're right and I am sorry. It just really hit a bad nerve when I feel someone suggest that I "don't work". I give props to all moms who can still work FT after they have their children - I couldn't do it. Cried every night for 5 months until I found the perfect PT job at night (that I lost due to the economy).

Anyway - I was just looking for support in the student loan area - I feel we have done great by paying off our CC and cars (and will continue to think that).

I am a bit confused. Are you asking for ways to have more money to pay off the student loans??

If you have paid off your car and your credit cards, why can't you just take the money you were paying to those bills and put it on the student loans?

 

[KennesawNemo]

To all the posters who have had a kind encouraging word - thank you. It makes me feel better that I am not alone and that it can be done.

And, not that anything needs justifying - but something to all those others saying never take a vacation until all debt is paid off.... Do you rent movies? Do you buy books? Do you get haircuts/pedicures/manicures/etc? We don't - we get movies from the library, books from the library, I only get a haircut maybe once a year and DH shaves his head in the shower so he doesn't have to pay the $18 every 6 weeks. The only thing extra we have splurged on was our cruise. We didn't do Christmas for each other or my birthday. In the meantime we also paid off our van.




Thank you for such the kind encouraging words. Read through all the posts.

Also - if you think me staying home and raising my 2 daughters isn't "work" you have another thing coming. I work harder than I ever have staying home with my girls. Just saying that because I choose to raise my girls instead of having someone else do it for me doesn't mean that I'm not working.

I think it doesn't matter any more at this point of time since all your vacations are planned and paid for, but in the future, for cruise, maybe you could think about doing a regular cruise like Carnival, then maybe add a day or two park days and stay offsite. I think you could easily cut the cost by hundreds of dollars if not thousands, which could be pay to your student loan.

 

[BCV513]

Also - if you think me staying home and raising my 2 daughters isn't "work" you have another thing coming. I work harder than I ever have staying home with my girls. Just saying that because I choose to raise my girls instead of having someone else do it for me doesn't mean that I'm not working.

I never said raising kids isn't work. It's the hardest job in the world. Unfortunately, it isn't a paying job. Staying home with your kids isn't a right. It's a luxury. And it's one you can't afford right now.

 

[Metsfan520]

I think it doesn't matter any more at this point of time since all your vacations are planned and paid for, but in the future, for cruise, maybe you could think about doing a regular cruise like Carnival, then maybe add a day or two park days and stay offsite. I think you could easily cut the cost by hundreds of dollars if not thousands, which could be pay to your student loan.

Or no cruise or WDW vacation at all while using that money to pay back the loans. Have family time at a vacation location closer to home so it doesn't involve plane fare, hotels or every meal out.

 

[RitaE]

I'm confused too. If you had a part-time job at one time, and you've paid off other debts .... then obviously you know what needs to be done to pay debts. You keep saying that you just wants tips and encouragement from here but I still really don't get what you want for us to say. YOU want to pay off your student loans, you started a thread to tell us that. So, you write the checks and mail them off or you use online bill payment or you set up monthly automatic payments. That's how you do it.

If you want lifestyle affirmations from us ... well all any of us can really be is kind of like tour guides through life. I've been through the young kids and needing to pay off my own student loans thing. I can tell you things like: "And here on the left we have the option to get a job opposite of your husband's hours so you don't have to pay daycare and you can accelerate those payments!"

Whether or not you want to look out the window to your left or totally ignore me and do your own thing is up to you. Because right up to the point where you declare that everybody else should be responsible for paying your debts for you, or paying for your own kids schooling for you, or supporting you in retirement because you never got around to saving for yourself .... well then we really don't care what you do with your money. Make your own path.

 

[disykat]

To all the posters who have had a kind encouraging word - thank you. It makes me feel better that I am not alone and that it can be done.

And, not that anything needs justifying - but something to all those others saying never take a vacation until all debt is paid off.... Do you rent movies? Do you buy books? Do you get haircuts/pedicures/manicures/etc? We don't - we get movies from the library, books from the library, I only get a haircut maybe once a year and DH shaves his head in the shower so he doesn't have to pay the $18 every 6 weeks. The only thing extra we have splurged on was our cruise. We didn't do Christmas for each other or my birthday. In the meantime we also paid off our van.

.

This is what living on a strict budget means. I don't think these things are particularly sacrificial. Many people do those things to live within their means, pay off debt etc. Some people choose to live frugally so they can splurge on vacation. Why not live frugally, start paying off the debt, THEN figure out a way to put splurges in your budget?

I feel like this thread has gone from "how can I start paying off these loans that are hanging over my head?' to "how can I justify not paying these loans?"

 

[yoopermom]

I just wanted to say "thank you" to OP and all responders, for this cautionary tale. My DS will be headed off to college soon, and, because of this, I've sat him down and explained to him the *long term* consequences of college loan debt, for both him and his potential future wife. He is one of those people who would like to have a SAHM for a wife, and so they are going to need to take the long term effects of student loan debt into account.

Good luck OP!

Terri

 

[goofyredraider]

OP, I can understand. I did the same thing with mine for years for much of the same reason. I regret it immensely. I had a high amount of student loans as well, and the payment was as much as a car payment! It wasn't the ideal situation, but I asked for graduated payments which cut them in 1/2 for the first few years...I think the amount was $172. Instead, I budgeted $200and started paying it down. While I am still paying my loans, I feel like it is the biggest monkey on my back right now. I'm paying for loans I took out when I was a TEENAGER (17 when I first started college).
However, I also look at the tax credit for the interest I have paid on them, etc.

I have been a SAHM and I've taught middle/high school since I've been a mom...both are HARD.
My suggestion? Maybe get a part-time job on the weekend or when your DH is home at night. I worked new line at Gymboree for a while, and also during Sundays when he could stay with the kids. My husband's hours are CRAZY, but we made it work.

Anyway, I completely understand your family's decision, but I promise you'll feel better if you start wittling away at those loans.

eta: I know a lot of people are questioning the # of vacations in your signature, and I can understand why. You don't have to justify it to anyone here. I will say that while my loans were on forbearance, etc. we didn't do anything "fun". Seriously, our first family vacation was in July and my daughter will be 10 in a few weeks! I know you wouldn't trade the memories you've made for a million years, but facing the reality of debt is UGLY and there is nothing you can do to change what's been done already. So, just start today...make the change, pay the bills (and those ugly interest charges) and learn the lesson.

 

[ccgirl]

Sorry, haven't read all of the replies. WHen I was laid off, I put my loans in forebearance but the moment I got a job; I got them right out. I notice quite a few trips in your signature. How can you afford those when you can't afford the minimum payments on your student loans? I think you probably have to re-evaluate priorities. If you don't mind not paying your student loans and having the interest rack up; that's your choice. Not sure how much you have out in student loans but if you can't afford to pay the monthly payments, I'm thinking you have to cut other things out. Just my two cents.

 

[okeydokey]

This is why I didn't have children until after I paid off my student loans. They were my loans and it my responsibility to pay on them. I couldn't use raising children as an excuse to shirk my financial responsibility.

 

[Robinrs]

Also - if you think me staying home and raising my 2 daughters isn't "work" you have another thing coming. I work harder than I ever have staying home with my girls. Just saying that because I choose to raise my girls instead of having someone else do it for me doesn't mean that I'm not working.

We ALL know that taking care of kids is work... believe me, I know. 18 years later my son is going to college next fall and all the work I did to raise him alone is finally paying off. He's a great student and even a better friend and person and OMG, he went to DAYCARE!!

Results is what matters. All the rest is semantics and excuses.

 

[Mickeyflower]

OP: betchya didn't know you were posting on the Everyone else is totally perfect and always makes the best financial decisions and never goes anywhere or does anything until ALL DEBT is paid off board did ya? Why can't people just answer the question asked without "looking for" things to pick on? What happened to encouragement?

 

[ccgirl]

OP: betchya didn't know you were posting on the Everyone else is totally perfect and always makes the best financial decisions and never goes anywhere or does anything until ALL DEBT is paid off board did ya? Why can't people just answer the question asked without "looking for" things to pick on? What happened to encouragement?

I never said I didn't have any debt. However, I pay it, I don't ignore it. I don't come on here saying I vacation to WDW and cruise twice a year but I can't possibly pay off my debt. We were answering the question. The OP posted: Any tips/hints/best way to get started? Most of us said, decrease the vacations is a great way to get started.