Also, if you have other debts at a higher rate than your student loan rate (like a credit card or car payment or something else), make paying those off first a priority.

And I second the recomendation of a budget. Learn where you can cut some costs to help pay off your loans quicker, thus saving you money in the long run.

And whatever you do, do not declare yourself as bankrupt.

lostarchitect

Brooklyn, NY

January 2004

JUL 05, 2005 09:18 PM

you're kidding right? you're $20,000 in debt and you're fucking whining about it? get a job, sir.

i'm $135,000 in student loan debt, I'M barely making it. YOU'RE fine.

Manchester_Black

Edmonton, AB

March 2004

JUL 05, 2005 09:23 PM

EnfantTerrible said:

Manchester_Black said:

EnfantTerrible said:
Don't send them any money and don't answer your phone. You have 5 years before it hurts your credit. Just make payments a few months/years down the line when you can afford to.

Sorry man, but as soon as you start to lapse on payments, its reported on your credit bureau. An R9 (or I9, depending on the type of bill) takes about a year for you to get, sooner if the organization that you owe the money to sends it for 3rd party collection.

Like Canadians know...Jargon or no.

Like a guy who used to work for collection agencies knows. (and more specifically, I worked on student loans, so..)

torihoney

Murrieta, CA

August 2003

JUL 05, 2005 09:25 PM

I don't know what kind of loans these are, federal or private. Sallie Mae can consolodate federal loans, I couldn't consolodate a loan from a private bank though. You can do this online at http://salliemae.com/.

Didn't any of you read david sedaris' description of Sallie Mae?

OldZork

Victoria, BC

November 2004

JUL 05, 2005 09:25 PM

Caligula_ODM said:
Zork said:
Samantha's suggestion of loan consolidation is a good one (as is her comment on your current status... still a student? Get government support...). Beyond that...
...
Edited to add: DO pay attention to Ada's comments. DO NOT pay attention to Caligula_ODM's advice. It will get you nowhere (nowhere good, anyway).

[Edited on Jul 05, 2005 by Zork][Caligula_ODM/QUOTE]
you know, when you posted your comment, i didnt offer any advice. i voiced my opinion.

I stand corrected. You posted an opinion, not advice. So let me rephrase my comment:

DO NOT pay attention to Caligula_ODM's OPINION. It will get you nowhere (nowhere good, anyway).

Is that better?

Lemonkid

Canada

May 2003

JUL 05, 2005 09:26 PM

Read this. It'll help.

Holden_Caulfield

Ann Arbor, MI

April 2004

JUL 05, 2005 09:26 PM

Well, it's not an option for everyone, but you could join the military on the condition that your student loans are paid off. Considering the situation in Iraq, though, there could be many stop loss orders that could keep you there longer than four years. The recruiters will be keen to your technical skills, though. You could probably find some non-combat opportunities there.

Another option would be to get your teaching certificate and promise to teach in a low-income community under the condition that your student loans be paid off. This, I believe, would be a five year commitment.

It looks like you already have some good advice in this thread so, good luck and welcome to SG!

lilyk

I'm lost

December 2004

JUL 05, 2005 09:40 PM

squidbizkit said:
You should pay that off simply in your first few years in the workforce.

This is how I did it... Also depends on where you are working as you may be able to get tuition reimbursement. Also, you can deduct all of the payments from your taxes and use your payments to build credit.

Caligula_ODM

Newport, RI

March 2005

JUL 06, 2005 03:01 AM

Zork said:

actually, no. i dont tell people to NOT PAY ATTENTION to your advice or your opinion.

a548456

United Kingdom

OLD SKOOL

JUL 06, 2005 04:01 AM

Manchester_Black said:

EnfantTerrible said:

Manchester_Black said:

EnfantTerrible said:
Don't send them any money and don't answer your phone. You have 5 years before it hurts your credit. Just make payments a few months/years down the line when you can afford to.

Like Canadians know...Jargon or no.

Like a guy who used to work for collection agencies knows. (and more specifically, I worked on student loans, so..)

Seriously, not paying for three months will earn you a default on your credit history. The only thing you can really do is to consolodate everything and try and agree the cheapest repayments that you can afford so you can definitely pay them. Sometimes dealing with the company direct helps, but they will only allow you so long before they set the dogs on you