paying down debt

budsmoker87 · Jul 10, 2012

I owe $9k in college debt. It sucks and I resent paying it, cuz my 3 years of school taught me a lot but nothing that equated to dollars or knowledge that helped me toward $

It is what it is though...

Today I was calculating the amount of annual compounding interest (monthly/yearly/total)

$213 payment a month at a rate of 3.6% is like $7.... 90-something bucks a year

but over the course of time it'd take to pay back the loan the interest amounts to like 940.... and when i saw that on a calculator it hit me...that's like an extra thou!

my debts are REALLY 10k, not 9

so i was wondering if anybody knew if I could get a better rate if i say i wanna pay down half of it now...$4,500- $5k. Do they adjust college loan rates?

I could just pay the $9,000 in full... but umm no thanks, that's a good chunk of my funds

kermit2692 · Jul 10, 2012

if you actually are saying you have the 9000 to pay it off then i highly suggest paying it off....

nick17gar · Jul 10, 2012

kermit2692 said:
if you actually are saying you have the 9000 to pay it off then i highly suggest paying it off....

actually, if you have the full amount, call them and tell them you wanna pay 7k and no more. they will accept if your a halfway decent negotiator.

tell them otherwise, youll let it go into collections, and there, they will definitely accept 7k.

budsmoker87 · Jul 10, 2012

i do have the $9k... and could comfortably pay it off...it would just suck dirty dick, especially since I haven't been working for a little while (changing in the next 2 wks).

imagine a trillion dollars (total student loan debt)... at 3.6% (was gonna go to 6.8% but congress just re-capped another $20 billion on student loans) lol

ok now imagine the entire country at all diff interest rates paying a GND of $16 trillion

fractional reserve banking= most GENIUS way to create spawn fake wealth to grow exponential true wealth...and make politics totally subservient/subordinate to banks

codster25 · Jul 10, 2012

budsmoker87 said:
i do have the $9k... and could comfortably pay it off...it would just suck dirty dick, especially since I haven't been working for a little while (changing in the next 2 wks).

imagine a trillion dollars (total student loan debt)... at 3.6% (was gonna go to 6.8% but congress just re-capped another $20 billion on student loans) lol

ok now imagine the entire country at all diff interest rates paying a GND of $16 trillion

fractional reserve banking= most GENIUS way to create spawn fake wealth to grow exponential true wealth...and make politics totally subservient/subordinate to banks[/QUOTS

wow

kermit2692 · Jul 10, 2012

nick17gar said:
actually, if you have the full amount, call them and tell them you wanna pay 7k and no more. they will accept if your a halfway decent negotiator.

tell them otherwise, youll let it go into collections, and there, they will definitely accept 7k.

thats horrible advice.. when you settle on a debt it hurts your credit...it has nothing to do with negotiating lol they will almost always settle if it looks like they are going to have trouble getting the money

Mr Strickland · Jul 10, 2012

This is why I never went to college. I may be a broke ignorant bastard but I don't owe anyone shit.

smokingbluntsadailyroutin · Jul 10, 2012

hate to get the pay check and pay all ur debts out and when i mean debts i mean my weed dealer

smokingbluntsadailyroutin · Jul 10, 2012

esp when u got a new piece and u don't have enough money to buy weed to smoke it

Mr Strickland · Jul 11, 2012

NYC is the worst place to be a pothead in America and quite possibly the developed world.
Shit quality, fake names, gangster dealers, super troopers, and the highest prices on earth.
I love NYC but could never live there just cause your weed scene is ass.

However it ain't a bad place to be a dealer, you can make some serious money with those insane prices.

PJ Diaz · Jul 11, 2012

Why not just pay $1k a month for 9 months and save a shitload of interest?

smokingbluntsadailyroutin · Jul 11, 2012

ur not kidding being from nyc is killing my pockets yoo

cbtbudz · Jul 16, 2012

if you have federal loans they wont negoitate.then it matters if its sub or unsub loans.signing up for autodebit saves you .25% on your interest rate.if you have sub loans while in deferment the gov pays for your interest so try to pay off as much as possible while in deferment.

budsmoker87 · Jul 17, 2012

thanks ebt...i looked into everything you said and have made a decision on how to handle it

cbtbudz · Jul 17, 2012

no prob i worked in the direct loan call center b4.i know most of the in and outs.

futureprospects · Jul 18, 2012

college debt gambling debt weed debt never good got to step my game up and start selling to make the guap

guy incognito · Jul 20, 2012

Your education seems to have worked out well if you have enough to pay the loan off in full. Unless you are going to get a better return than 3.6% or you need the money set aside in case of potential emergency, then pay it off. I know it sucks sending off that money, but it feels so good to see the debt drop from 9k to ZERO.

budsmoker87 · Jul 21, 2012

my job has nothing to do with having gone to college....at all

I've worked on a drilling rig in the oilfield

anybody can earn 6 figures, fresh outta high school, in the oilfield...so long as you're 18 years old, can pass a urine test & willing to work

Franklinstein · Jul 21, 2012

budsmoker87 said:
thanks ebt...i looked into everything you said and have made a decision on how to handle it

Ski mask and a shotgun?

Personally I'd stash 3 months expenses in the bank, then pay down as aggressively as possible ($1k/month sounds good).

Balzac89 · Jul 21, 2012

I had 3500 I hunkered down and paid it off in less than 6 months.

paying down debt

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