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Yeah if the one dude that makes the decision won't play ball go over his head.
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Feb 19, 2015 13:45
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Wiggy Marie posted:If she's a good student, she should contact the dean of her college to explain the situation. She should also contact the ombudsman to explain what's going on. Transferring isn't always feasible and wherever she goes she'll hit that limit now - although another school might be less strict about the appeal. Thanks, I have told her this but will reiterate. Unfortunately she doesn't want me going in there butting heads with folks, it would probably go a lot quicker. Transferring is definitely not feasible. 100 HOGS AGREE posted:Yeah if the one dude that makes the decision won't play ball go over his head. Right! Since she is on the President's List all the time I told her let's go to that guy and get him to explain why they are such assholes. Talking to her about it more last night, the reason they keep giving her for such strict policies on extension is that "if [they] ever get audited by the feds [they] will be screwed for giving extensions" which makes absolutely no sense given the policies of all these other schools and the fact that the feds really don't seem to give a flying gently caress
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Feb 19, 2015 18:20
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Butting heads with dumbasses is usually the right solution. Go over this asshats head.
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Feb 19, 2015 21:09
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So end of 2014 we filed for IBR and cosolidated my wife's student loans. For the 2013, we filed jointly for 2013 taxes without realizing it would impact the payments for the IBR loan. For 2014 taxes we plan to file separately since I have no loans, and her income is only 40k as apposed to 110k combined. Does it work like that? If we filed maried jointly when we applied, will the IBR recalculate for this year when we file separately? If they do, when do we submit the new tax return? I did the calculator and we would only have to pay $200 a month vs $1,000 which would give us a bit of breathing room.
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Feb 21, 2015 18:52
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Dik Hz posted:Absolutely refi the variable rate private loans into anything fixed rate you can. Interest rates are currently the lowest they will ever be. I promise this isn't a stupid question, but why is this? I can't find anyone that offers a fixed rate anywhere near what the variable rates are at. Is there some little known knowledge that variable rates are going to skyrocket? I'm currently looking at Wells Fargo to consolidate my loans, and their lowest variable rate is 3.99%, wherease their lowest fixed rate is 6.99%. I know that interest rates have nowhere to go but up, and I know nobody can see the future, but is there any chance that over the next 10-15 years the variable rate will surpass the fixed rate?
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Feb 22, 2015 16:20
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DaveSauce posted:I promise this isn't a stupid question, but why is this? What you're asking is something that I'm not sure many can answer. What I can tell you is that the var interest rates are prime rate + a certain spread that varies by company. So hypothetically while the prime rate may go up 1% a year from now, your interest rate could go up 2. By taking the var rate, you're taking on the risk of your payments ballooning due to fluctuations in the market. With the fixed rate, you will always know what your payments will be and so they should not be a surprise on your budget. Whether or not it's right for your situation or for the current market is not something I am qualified to answer. If your loan balances are small, I -might- consider rolling the dice. If they're substantial, I'd select the security that the fixed rate provides.
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Feb 22, 2015 19:33
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The simplest answer is that interest rates cannot go lower, but they can go infinitely higher, so variable rates are betting that they'll stay low despite being low for years and the Fed threatening to raise them every quarter. E: another way to look at it is that banks generally want to offer rates structures that breakeven, so if the variable rate looks cheaper it's because the bank itself believes the rate will increase (because why would the bank give you a discount?). You can game this in some debt by paying off variable rate loans early, but that's factored into the rate as well, so all things equal it's a worse option because you're paying the premium on other people paying their var rates off quickly. It's a bit more complex with regard to timing, but basically the bank thinks you'll end up paying more with it. MJBuddy fucked around with this message at 20:16 on Feb 22, 2015 |
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Feb 22, 2015 20:09
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I kind of figured that was the answer. Before I asked I had already assumed that the bank knows something I don't...I know they've probably done all sorts of calculations to determine what rates they can offer. Here's the other thing: I fully intend on paying off early. I have about 8.5 years left on my Navient stuff, and I'm aiming to pay off quicker than that if I can. Wells' loans are either 15 or 20 year terms it looks like, so if that's what their calculations are based off then I could easily game the system with the variable rate that way. The thing that scares me away from the fixed rate is based on their example (15 years, $50k), it's a staggering $15,000 more in interest on the fixed rate. For me it would be $38k over 8.5 years, but it's still a significant amount of money. Obviously that's assuming the variable rate doesn't change, but I'm not sure I can make any other assumption right now. I had run some numbers a while back, and at 8.5 years I would still save money with a 5.25% fixed rate, and that's if I consolidate ALL my loans, even the ones currently lower than that. Again, assuming my current variable rates stay the same. I guess I'm really trying to talk myself in to the variable rate, but I want to make sure I'm not being too short sighted. Yes it's a gamble, but given that my student loans are the only significant credit I've ever had, I don't know how volatile rates can really be.
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Feb 22, 2015 23:13
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Knowledge of credit isn't in play here. It's the fact that we are in an extremely low interest rate environment now, and it can only go up. If I were you, I'd want my rates fixed. You have a high dollar amount that could have the rates skyrocket in the next years. Then again, rates may stay low. But it's unlikely. The economy is improving and QE is going to be reduced, probably. At this point it's speculation and it happened last year too and rates decreased. Roll the dice, make a bet and play it.
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Feb 22, 2015 23:25
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SiGmA_X posted:Knowledge of credit isn't in play here. It's the fact that we are in an extremely low interest rate environment now, and it can only go up. If I were you, I'd want my rates fixed. You have a high dollar amount that could have the rates skyrocket in the next years. I keep going back and forth on this. I KNOW interest rates are going to go up, but the difference between 3.99% and 6.99% is $5,600 over my expected loan life. That's a lot of cash. The real question is how much will rates go up. Based on prime rate history, it's quite possible for rates to jump that 3% gap in less than 2 years. But at the same time, I know that wells fargo has carefully calculated that they should break even between those two rates (on average)...but that's a 15 year calculation, and I intend on being done in 8.5 or less. This is such a pain in the rear end. I know I should go for the fixed rate, but that $5,600 difference is so hard to swallow. So here's a question: Can a consolidation loan be refinanced? So if I consolidate at the fixed rate, and the bottom falls out and rates plummet, will I be able to get a new consolidation loan? I suspect the answer is no, but it's worth asking. edit: How willing are they to negotiate? Their numbers are based on $50k for 15 or 20 years. I need $38k for less than 10 years. Would I be able to haggle a better fixed rate in this case? Or will they laugh me out the door? edit again: OK I think I have to retract my question. I was operating under the assumption that only a few select large institutions were offering student loan consolidation, as that was the case back in 2009 or so when I last looked. Turns out everyone and their mother is doing it now...or at least, many more places are. Looks like SoFi has fixed rates that top out at 6.50%, and as low as 4.615%...so basically if I can get that rate, it's a no brainer. I'll have to read the fine print to make sure there's no funny business, but SoFi seems to be pretty legit. DaveSauce fucked around with this message at 20:07 on Feb 23, 2015 |
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Feb 23, 2015 15:53
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Federal loan re-financing is non-existent at an official level because the federal budget would unbalance if they allowed it. That said, private lenders will refinance/consolidate federal loans (like SoFi) but recognize you're losing the federal loan protections for any previously federal loan you refinance. For your private loans with the variable rate? Sure. quote:So here's a question: Can a consolidation loan be refinanced? So if I consolidate at the fixed rate, and the bottom falls out and rates plummet, will I be able to get a new consolidation loan? I suspect the answer is no, but it's worth asking. Rates won't plummet. They were just basically at zero, and this is historic how low rates are; they can't/won't become negative, so these are the rates. Personal rec: Only refinance really bad loans if you attempt to. The ability to control where your overpayments go and which loans come off the books first is very valuable and if you're not receiving a discount for refinancing, you lose flexibility. I'd rather have 100k in 10 loans with a continuum of interest rates than 100k in 1 loan that both work out to the same APR.
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Feb 23, 2015 21:47
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MJBuddy posted:Federal loan re-financing is non-existent at an official level because the federal budget would unbalance if they allowed it. I think I can address all these points with one word: Navient. quote:Rates won't plummet. They were just basically at zero, and this is historic how low rates are; they can't/won't become negative, so these are the rates. Fed/prime rate won't drop, true, but banks can change their margins however they wish. I have an auto loan at 0.9%, just sayin'. (edit: yes, I know that'll never happen for a student loan consolidation)
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Feb 23, 2015 23:19
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OK so last update. I got pre-approved for only 5.75%, which was pretty disappointing. I know my FICO score is 822, and I make pretty good money. Not good enough, I guess. So anyhow, on the surface, making minimum payments on this versus the old loans puts me at a difference of $3,000 more for the fixed rate. If rates stay put, and I continue overpaying at the same rate (minimum is $460/mo, I'm currently throwing $500/mo at it), then over the life of the loan I'm paying $1,050 more for the fixed rate. That's a little easier to swallow. Then I looked at rate rises...it looks like at my overpayment rate, a 0.25% rate increase equates to another $500 added to the life of the loan (assuming the rates increase immediately)...basically each 0.25% adds an extra payment. Which means that a 0.50% rate increase basically washes, and anything over that I'll be losing money. This doesn't account for WHEN the rate rises occur, but from what I can tell it's pretty certain that we'll be seeing at least 0.25% before the end of the year. So yeah...in that respect, I think I'm OK paying $1,050 for the privilege of having a fixed rate. And of course SoFi offers a 0.25% discount for autopay, so that's a plus. I think tonight when I get home from work I'll pull the trigger on that unless anyone can give me a reason not to. I'm personally looking forward to cutting the cord with Navient and getting away from those idiots.
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Feb 24, 2015 13:28
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DaveSauce posted:OK so last update. I got pre-approved for only 5.75%, which was pretty disappointing. I know my FICO score is 822, and I make pretty good money. Not good enough, I guess. For what it's worth, having seen how interest rates rise and spoken to students five-10 years down the line, I would take a fixed over a variable rate any day. The gamble is not worth it, to me.
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Feb 24, 2015 14:12
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Wiggy Marie posted:For what it's worth, having seen how interest rates rise and spoken to students five-10 years down the line, I would take a fixed over a variable rate any day. The gamble is not worth it, to me. That's the direction I've been leaning. Up front it looks like a horrible deal, but last night was pretty eye-opening when I ran the numbers and saw what a 0.50% increase does to me. If I just did minimum payments, it would only take a 1.50% rate increase to make the fixed a better deal over the life of the loan, not to mention what that would do to my minimum payment. I don't think that'll happen for a few years yet, but again I think I'm OK with the $1,050 price tag in exchange for the security of a fixed rate. I will say though that the variable rate has worked in my favor so far. I graduated at the end of 2007, so my rates have been doing nothing but go down since I started repayment. I know that this is about to change, so even though the fixed rate is higher than I had hoped, I'm pretty confident that it's the right decision.
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Feb 24, 2015 14:40
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If the variable rate were your only loan, and you intended to pay it off very quickly (couple of years) I'd say all for it, but the structure of the debt in total leads you to put it aside until later which virtually guarantees it'll bite you in the rear end. Double check the policies for SoFi and such vs your current setups. I like their business model (originally it was to target high earning degrees because they were exposed to less risk per dollar than others, but they've expanded since then) but if an emergency comes up, see what the options will be.
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Feb 24, 2015 16:08
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DaveSauce posted:OK so last update. I got pre-approved for only 5.75%, which was pretty disappointing. I know my FICO score is 822, and I make pretty good money. Not good enough, I guess. Fwiw I think the *high* interest rate (5.75% is low, except not in this environment and for the last few years - my folks paid double digit percentages in a mortgage with very high income, small loan balance, and 100% perfect credit in the 80's!) is due to the loans being student loans and the banks vein able to do whatever the gently caress they want. They know they have you for life of the loan.
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Feb 24, 2015 21:21
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DaveSauce posted:That's the direction I've been leaning. Up front it looks like a horrible deal, but last night was pretty eye-opening when I ran the numbers and saw what a 0.50% increase does to me. If I just did minimum payments, it would only take a 1.50% rate increase to make the fixed a better deal over the life of the loan, not to mention what that would do to my minimum payment. I don't think that'll happen for a few years yet, but again I think I'm OK with the $1,050 price tag in exchange for the security of a fixed rate.
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Feb 25, 2015 01:21
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SiGmA_X posted:I haven't dealt with them, but I've read allll sorts of posts in here about Navient. If I were you, I'd double up on fixed rate + different provider. They're not as bad as people say...they're worse. Avoid them if at all possible. They exist solely to maximize the amount of interest they get from you. They know drat well they have a customer for life since death is the only way to shake the loan. They'll happily lower your payment, since it'll end up in more interest. But if you try to pay off quickly, they will do everything in their power to slow the process down. Dik Hz posted:When I posted what I did, I didn't realize the spread between variable and fixed was so wide. That makes a big difference. But if you intend on paying them off fast, the higher rate hurts you less on the fixed rate. It's a tough call either way, tbh. Well Yellen's testimony yesterday that the Fed isn't going to increase rates for the next couple meetings kind of hurts this a bit. But I think I'm still going to do it. I've come to the conclusion that I can sit here and speculate all day long, and in the end it won't matter because if I could guess correctly then I would be working in finance...so this buys me a few months to make a decision, but I think it'll still be better in the long run. At best I can squeeze a few extra months out of a variable rate, possibly a year, until the current fixed rate becomes worthwhile. But if I did that, then I would miss out on today's fixed rate. But I know rates will go up before I pay these off, and now that I know how little it takes for it to become a losing proposition, I'm way more inclined to go with the current fixed rate. And my wife made a good point this morning...since we're going to be looking for a house soon (soon meaning we might start looking by the end of the year, not in the next few weeks), it's better that I get it done now so when we apply for a mortgage the credit pull for this is as far in the past as possible. And no matter what, it still gets me away from Navient...so that's worth a lot right there.
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Feb 25, 2015 13:59
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Also recognize that long term loans take into account expected interest rate changes as well, so waiting longer will increase the interest rate all things equal so long as the bank expects the interest rate to rise at a fixed date. Really just assume everything is as efficient at taking your money as it can be, so focus on unique advantages in your own position and things like "gently caress Navient"
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Feb 25, 2015 14:07
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Am I lucky that I haven't had any issues with Sallie Mae/Navient yet? I've already paid off in full one of my loans using only the website, and as far as I can tell everything has gone smoothly.
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Feb 25, 2015 14:57
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I didn't really think much of it when my student loans were transferred over to Navient a while back, but over time I took a closer look at things and noticed that their website sucked compared to the old one (eg: the old one let you see estimates for different repayment plans and gave you more useful information in general), and I'm pretty pissed that you can't specify that overpayment goes towards principal without jumping through hoops. Even then, their hit-to-miss ratio on following overpayment instructions seems troubling. I don't suppose there's a way to request a change in who handles your federal student loans, is there? EDIT: I sent an email last night through that customer advocate page that was linked to earlier and just got a call back regarding paying down the principal. Apparently if there's any interest at all accrued on the account, there's no way to pay around that: the interest has to be paid down first. I had been timing my bonus payments so they were in the middle of the pay period, but by then it's got two weeks of interest to deal with. The guy recommended trying to time my extra payments so they're as close to after my main payment as possible so there's little-if-any interest to deal with first. It's corporate bullshit, yes, but at least the guy was courteous. v  v
GFBeach fucked around with this message at 20:39 on Feb 25, 2015 |
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Feb 25, 2015 15:04
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I have a mix of federal and private loans and I don't know what to do about them. I am paying $546 a month total towards both and I would like to see if that can be lowered, but I don't know where to start. Here's what I have (federal is first group, private is second): My gross yearly income is $32K. Complicating things is that my husband is unemployed right now. (I'm assuming his income also affects this since we're married and file taxes jointly?) Right now he is getting $345 a week for unemployment but obviously I can't say for sure what his income will be in 6 months. I've read a lot of different things on the subject but nothing is really helping me be less confused about what I can do about my loans, if anything. Any guide in the right direction or even just telling me there's nothing I can do would be appreciated.
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Feb 25, 2015 21:15
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Choose Deth posted:I have a mix of federal and private loans and I don't know what to do about them. I am paying $546 a month total towards both and I would like to see if that can be lowered, but I don't know where to start. Here's what I have (federal is first group, private is second): Next up, get your income up. 60k in schooling should earn you more than 32k a year. Income is ultimately the only way to get free of the loans.
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Feb 26, 2015 00:07
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Dale Sveum posted:Am I lucky that I haven't had any issues with Sallie Mae/Navient yet? I've already paid off in full one of my loans using only the website, and as far as I can tell everything has gone smoothly. I've been overpaying my loans without any problems for years through their website and it has no problem letting me direct where the extra principal payments go-- as long as I go in each month to manually schedule it. I think the problems happen when you want to set up auto-payments for more than the minimum. I'm lucky enough to have my loans at such a low rate that the potential benefit of the interest rate reduction for autopay is outweighed by the massive headache of trying to set that up.
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Feb 26, 2015 04:21
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So I guess this just got off the ground: http://www.democracynow.org/2015/2/25/students_launch_historic_debt_strike_refusing quote:Students Launch Historic Debt Strike, Refusing to Pay Back Predatory College Loans We'll see what comes of it, if anything. My guess its just another cobble in the slowly growing road.
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Feb 26, 2015 09:31
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GFBeach posted:I didn't really think much of it when my student loans were transferred over to Navient a while back, but over time I took a closer look at things and noticed that their website sucked compared to the old one (eg: the old one let you see estimates for different repayment plans and gave you more useful information in general), and I'm pretty pissed that you can't specify that overpayment goes towards principal without jumping through hoops. Even then, their hit-to-miss ratio on following overpayment instructions seems troubling. I don't suppose there's a way to request a change in who handles your federal student loans, is there? This is true of any student loan servicer. They have to apply all payments to accrued interest first, then principal. One of the downfalls of simple interest. You should consider breaking your payment into weekly installments. That way you're only paying 7 days of interest each time, so more of each payment hits principal. It may not seem like much initially but it'll add up fast!
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Feb 26, 2015 12:51
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There's zero non-tax purposes difference between paying interest vs principle.
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Feb 26, 2015 14:43
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Wiggy Marie posted:You should consider breaking your payment into weekly installments. That way you're only paying 7 days of interest each time, so more of each payment hits principal. It may not seem like much initially but it'll add up fast! Ideally that's what I'd do, however that doesn't seem to mesh well with Navient's system auto-debit system. I'd like to keep the 0.25% interest reduction of auto-debit and for that they seem to only allow monthly payments in one sum... I wonder why.  Is there a good calculator somewhere to determine if, in terms of total paid interest, I'm better off splitting my payment into installments initiated by the bank (ie: not auto-debit and lose the 0.25% reduction), or if I end up paying less interest by sticking with Navient's auto-debit?
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Feb 27, 2015 00:40
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GFBeach posted:Ideally that's what I'd do, however that doesn't seem to mesh well with Navient's system auto-debit system. I'd like to keep the 0.25% interest reduction of auto-debit and for that they seem to only allow monthly payments in one sum... I wonder why. The best way is to use your bank to make an automatic bill-pay for JUST the overpayment. That way you get the best of both worlds...Navient gives you a discount for using auto-pay, and you can still overpay however you please and whenever you please. Depends on if your bank gives you free bill-pay, though. If you're sending $5/week and they charge you $0.50 per bill-pay, then it probably isn't worth it. And here's a tip: if you have multiple loans with them, make sure you direct your bank's bill-pay to the specific loan with the highest interest. If you direct it towards the loan group as a whole (i.e. your overall account number instead of the individual loan number), Navient will distribute the overpayment proportionally among the loans in the group. To do otherwise requires an act of god (I know, I've been back and forth with them several times on this one).
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Feb 27, 2015 15:53
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DaveSauce posted:The best way is to use your bank to make an automatic bill-pay for JUST the overpayment. That way you get the best of both worlds...Navient gives you a discount for using auto-pay, and you can still overpay however you please and whenever you please. Depends on if your bank gives you free bill-pay, though. If you're sending $5/week and they charge you $0.50 per bill-pay, then it probably isn't worth it. Yeah you need to manually send your payment to Navient. There is no loving way you can make a second payment only toward one loan in a pay period on their website, you always have to make the minimum payment towards all your loans before you can apply any extra to one specific one. I didn't think of using bill pay at your bank but that's a good idea I'll have to mention that to a friend of mine who is looking at five separate loans with them now that he just finished his master's degree. Navient is awful.
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Feb 27, 2015 20:08
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100 HOGS AGREE posted:Yeah you need to manually send your payment to Navient. There is no loving way you can make a second payment only toward one loan in a pay period on their website, you always have to make the minimum payment towards all your loans before you can apply any extra to one specific one. I didn't think of using bill pay at your bank but that's a good idea I'll have to mention that to a friend of mine who is looking at five separate loans with them now that he just finished his master's degree. Am I doing something wrong? I am paying more than the minimum on my loans at Navient, and do it like this: 1. My autopayment goes through (which had always been for just the minimum, I never saw an option to make it more), for something like 100 dollars. This pays the minimum for all of my loans. 2. After it is reflected on my account a day or two later, I go in and make a manual payment. 3. Navient warns me that this payment will be in addition to my automatic payment. I accept. 4. I choose amounts to put towards my group of subsidized and unsubsidized loans. 5. Navient then asks how I would like to distribute those amounts amongst each individual loan in the group. I can choose to put the whole payment towards one individual loan, or split it up between several. As far as I can tell, this is working for making additional payments towards one loan that has a higher interest rate. Is there something I'm missing that's causing me to lose out on money?
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Feb 28, 2015 16:03
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Dale Sveum posted:Am I doing something wrong? I am paying more than the minimum on my loans at Navient, and do it like this: In all my conversations with them about their stupid as hell system, they have not ONCE explained this to me as a way to overpay a specific loan. I've always been told that the only way to apply an overpayment per my instructions is to either mail a physical check in with written instructions for what to do with the excess, or to send a separate payment for that specific loan (either by mail or by my bank's bill-pay). I may be mis-remembering, but I'm pretty sure they've even explicitly told me in the past that there's no way to overpay using their website. Either they changed that recently, or their call center reps are idiots/lying (or more likely some combination of the two).
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Feb 28, 2015 17:11
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I'm considering going back to school, again. I went back about 6 years ago, and used approximately $24,000 in subsidized and Unsubsidized loans (did not have any loans for my bachelors, went back and picked up an AAS). I generally enjoy what I'm doing and but want to further it by making a lateral transition to a similar career that has a better future for advancement and pay. My main question is this - what is my ceiling on loans or how hosed am I about to make myself for two years? I'm considering making this move August 2016, so I have enough time to save up at my current job and prepare for two years of no income (married with one kid - husband and I are combined $78,000 income) I've paid my 24,000 down to 19,000 ($10,561 3 total unsub; $9077 3 total sub - no consolidations, all federal loans at interests from 3.5 to 6.8). My current payment is $232/month for 120 months. Tuition/expenses should run around 3500-4500 a semester, for 4 semesters. Is it conceivable that I could fill my FASFA out and get enough federal loans to cover without hitting the lifetime limit? Should I try to pay the loans down further before going back, to prevent the Unsubsidized loans from accruing more interest? Is there a big hole that I am overlooking in my plan?
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Mar 2, 2015 05:44
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Anya posted:I'm considering going back to school, again. I went back about 6 years ago, and used approximately $24,000 in subsidized and Unsubsidized loans (did not have any loans for my bachelors, went back and picked up an AAS). I generally enjoy what I'm doing and but want to further it by making a lateral transition to a similar career that has a better future for advancement and pay. Also holy crap $24k associates degree.. And only paying off $5k in 6yrs? I hope the new degree makes it so you can seriously step up repayment.
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Mar 2, 2015 06:53
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Oh no - I have paid $5K in two years, currently on year three. I'm on track to pay off in ten years. As for the loan total, I was working full time and going to school part time for 4 semesters, so my loans were just barely over the cost of tuition. My last two semesters I worked 1-2 days a week due to program work restrictions, so I had to take out living expenses. Otherwise I'd have about $12k total to pay back. If $12,500 per school year is available - then I should be good. Bump in pay will be enough to make up for the two years of school.
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Mar 3, 2015 00:22
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Thanks for the input on handling overpayment with Navient. I think what I'll do is change the send date for my overpayment so it lines up more closely with the date of the regular payment; not sure how much of a difference it'll make with interest accumulation at the end of the day, but if it feels like I'm paying down the principal more, that's better, right? 
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Mar 4, 2015 14:30
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So I've decided to go to university in the fall and I'm probably going to need loans. One thing though, I have car payments and unfortunately selling the car isn't an option as I live outside of town and would need to drive in to school every day. Is there any way to take a bit of the heat off my payments while I'm on loans or would it just be considerably easier to sell the car and buy some junker for my commute instead? Assuming there's no way loans would cover my payments at all.
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Mar 5, 2015 14:41
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african thunder posted:So I've decided to go to university in the fall and I'm probably going to need loans. One thing though, I have car payments and unfortunately selling the car isn't an option as I live outside of town and would need to drive in to school every day. Is there any way to take a bit of the heat off my payments while I'm on loans or would it just be considerably easier to sell the car and buy some junker for my commute instead? Assuming there's no way loans would cover my payments at all. Once the funds are disbursed, the school takes what they need for tuition and sends the rest to you. You can do whatever you need to with the money at that point. That's how I paid off a high interest credit card. In general you want to avoid debt as much as possible, but you gotta do what you gotta do.
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Mar 5, 2015 17:35
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| # ? May 14, 2024 02:39 |
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african thunder posted:So I've decided to go to university in the fall and I'm probably going to need loans. One thing though, I have car payments and unfortunately selling the car isn't an option as I live outside of town and would need to drive in to school every day. Is there any way to take a bit of the heat off my payments while I'm on loans or would it just be considerably easier to sell the car and buy some junker for my commute instead? Assuming there's no way loans would cover my payments at all.
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Mar 6, 2015 00:57
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