Current Events > Just paid off my Student Loans. Graduated in May 2014 with 67K in debt.

(+) Yeah! (+)

44K in private loans and 23K in Government Loans. Settled private loans in 2018 for 16K over 13 months. Defaulted and let the bank know how little I was making at the time. They made me an offer and I took it and lived in squalor until completing the agreement in Jan of 2020.

Government Loans couldn't be settled of course. Had $12,500 when COVID ended and payments restarted. Started Grad School (freezes payments), Worked my ass off at my sales job, and paid $13,748.91 in 6 months. Probably never taking another grad school class again.
https://gamefaqs.gamespot.com/a/forum/0/04de3aa6.jpg
I could have done so much with the money and it's set me back a great deal. My college girlfriend left me due to my financial strife and how long it would take. She believed I could do it but she just couldn't afford to wait, I had to abandon the line of work I truly valued because it didn't pay enough, I've lived at home this entire time and my schoolmates and local friends have written me off as a loser because I haven't progressed as they have. But it's definitely possible to pay them off. Allow me to be an example.

https://gamefaqs.gamespot.com/a/forum/f/f440a65a.jpg

Congratulations! As a prospective loan shark, please let me know if you ever need some money again.

what a dismal topic but it looks like things are finally gonna go your way tc

I dropped out of 3 different schools. my debt from student loans is finally down to under 30k after almost 20 years

luckily one of them was only community college so those were small numbers.

Robot2600 posted...

what a dismal topic but it looks like things are finally gonna go your way tc

we are in a recession and are all heading to war in the next year or two?

Robot2600 posted...

what a dismal topic but it looks like things are finally gonna go your way tc

I feel like dismal is a strong word

shironinja posted...

we are in a recession and are all heading to war in the next year or two?

It's a good time to not owe a motherfucker shit

thronedfire2 posted...

I dropped out of 3 different schools. my debt from student loans is finally down to under 30k after almost 20 years

luckily one of them was only community college so those were small numbers.

I got Community College out of the way quickly

Surely then given that you know how awful and predatory these loans are, you're in full favor of student loan forgiveness?

Surely you made this topic in good faith, right?

Surely.

I'm not paying back a penny. I own a home through inheritance and I don't really give a shit about my credit.

Murphiroth posted...

Surely then given that you know how awful and predatory these loans are, you're in full favor of student loan forgiveness?

Surely you made this topic in good faith, right?

Surely.

Lol. It's more like we're never gonna get it on a large scale so making plans to pay them out may be a good idea. Student loan Payments starting back actually set me back a great deal until I signed up for grad school through my job to freeze them again. I think my strategy was unusual but elegant.

The fact I was able to settle my private loans for around 40% may help people looking at big numbers make them smaller. Private companies will settle with you if you default.

The Government loans are very difficult to get rid of and they got in the way of me building a house in 2021 (when stuff was cheaper) so getting them out of the way can help others in this BS housing market we live in. Even if you don't plan on building a home it will help with your long-term credit.

Congrats, TC. I'm glad you got that burden off your shoulders. I'm sorry it set you back so much, though. We really do need to reform the whole system.

Jaguar34 posted...

My college girlfriend left me due to my financial strife and how long it would take. She believed I could do it but she just couldn't afford to wait,

That's lame. What exactly couldn't she wait for?

shironinja posted...

we are in a recession and are all heading to war in the next year or two?

No we're not on both those items.

i'm 86k right now

Congrats

Congrats

One of my favorite memories was getting a check because I overpaid on my loans

Yeah, I'll never forget the day I finally paid off my loans, (in my early 40's), it felt great!
And no, I'm not mad at other people getting student loan forgiveness from Biden.
Congrats TC!

Jaguar34 posted...

Lol. It's more like we're never gonna get it on a large scale so making plans to pay them out may be a good idea. Student loan Payments starting back actually set me back a great deal until I signed up for grad school through my job to freeze them again. I think my strategy was unusual but elegant.

The fact I was able to settle my private loans for around 40% may help people looking at big numbers make them smaller. Private companies will settle with you if you default.

The Government loans are very difficult to get rid of and they got in the way of me building a house in 2021 (when stuff was cheaper) so getting them out of the way can help others in this BS housing market we live in. Even if you don't plan on building a home it will help with your long-term credit.

Fair enough!

Grad school.is setting me back about 24k. Fortunately I already own a home.