I am literally the worst at making good financial decisions and I need help

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > I am literally the worst at making good financial decisions and I need help

EugeneJ: Feb 5, 2012; by FactsAreUseless

Bugamol posted:

Keep in mind as you continue to defer your loans you will continue to accrue interest. I believe the income based repayment plan allows loan forgiveness (based on some circumstances), but do you really want to be making a student loan payment for the next 25 years?

Assuming $45,000 in student loans over 3 years of deferment:

Start - $45,000
Year 1 - $45,000 + $2,475 interest
Year 2 - $47,475 + $2,611 interest
Year 3 - $50,086 + $2,754 interest
End - $52,840

It will cost you ~$7,840 to defer your loans over 3 years. It will be more than this because I did not use compounding interest.

You should probably try and pay at least the interest each month ~$206.25.

Anyone on IBR is being converted to Pay as You Earn - it's only 20 years for repayment

And who gives a poo poo about paying for 20 years if you make out in the end with forgiveness. That's what every single doctor and lawyer is doing.

# ¿ Aug 11, 2014 17:32

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# ¿ May 17, 2024 22:11

EugeneJ: Feb 5, 2012; by FactsAreUseless

Knyteguy posted:

Unethical and kind of a gamble yea? Laws can change in 20 years.

They're capping the amount you can have forgiven starting in 2015 for new borrowers, but everyone else will be grandfathered in.

# ¿ Aug 11, 2014 17:45

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > I am literally the worst at making good financial decisions and I need help