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Q: How to deal with huge student loan ( No Answer,   1 Comment )
Subject: How to deal with huge student loan
Category: Reference, Education and News > Education
Asked by: pookie4321-ga
List Price: $10.00
Posted: 25 Nov 2006 14:14 PST
Expires: 25 Dec 2006 14:14 PST
Question ID: 785540
What is the BEST way to deal with a very large student loan (which is
growing out of control because of interest) when you can only pay so
much per month?

Request for Question Clarification by tisme-ga on 25 Nov 2006 19:44 PST
Hello pookie4321-ga,

To provide you with a better answer please provide me with the following details: 

-Your net monthly income
-The approximate size of your student loan
-The current interest rate of your student loan
-Who is you lender?
-What is your current monthly payment rate?


Request for Question Clarification by mvguy-ga on 25 Nov 2006 20:00 PST
Also, what kind of student loan? Some allow for hardship deferments,
and some don't. Some also allow the borrower to have parts of the loan
forgiven if they do things such as teach in the inner city.
There is no answer at this time.

Subject: Re: How to deal with huge student loan
From: jack_of_few_trades-ga on 27 Nov 2006 07:56 PST
By "huge studen loan", I'm imagining $150,000.  The normal interest
rate for student loans is well under 5%, so I'll use 4% for my math:
$150,000 X 4% = $6,000 interest per year.

$6000 interest + $4000 principle will not be comfortable for anyone to
pay, but it is certainly doable assuming you have the education it
bought.  You should be making $40,000+ (hopefully more with that
expensive of an education).  Live cheap:
Share an apartment or rent a room
Drive a cheap car (a 2000 Toyota ECHO can be had for $5000, it gets
about 40 mpg and is very durable)
Eat pasta (buy at Walmart or Shoppers... $.5/lb pasta, $1/lb sauce);
your meals should cost less than $1 each.
Only buy necessities (if in doubt, don't buy it)

Money should not be a problem for anyone in a reasonable situation who
has an education.  Sure you won't be able to live at your parent's
standard of living in your 20s, but you will get there soon enough...
in the meantime live frugally and save loads of money.

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