Should I start paying off my [college] loans right now?

[Scofield]

Quick question:

I've been working a minimum wage job (Dunkin' Donuts) this summer, and am thinking about using all the money towards my college loans. I'll be graduating in the Fall of 2010, and six months after that, all my loans will become active.

Now, my question. Should I use all the money I have earned, and will earn this summer, towards my student loans, or should I wait until the economy crashes, inflation hits, and I can pay off my loans easier...and thus save the money I have made this summer and use it on crystal meth (heh, j/k, I'd just keep it in the bank)?

I hate the idea of working all summer, making $1,600 or so, and then forking it all over to pay off loans (shit, $1,600 won't even be that big of a dent into my loan repayment).

Edit: I may also be going to Law School (starting Fall of 2011), so I need to keep that in consideration as well.

Edit 2: I fixed the title. I can't repay all my loans right now, I was simply referring to the idea of starting to repay my loans.

 

[heavenlyboy34]

I'm paying my loans back in monthly installments. This seems like something that would work for you. If the economy crashes, you can take your cash and put it (hopefully you'll be able to predict this) into something stable. (food, gold, etc). Think about it. If shit happens, you can always get a forebearance.

 

[Zippyjuan]

The interest will still be accumulating on it if you defer which will mean a larger balance to pay off in the future but if you have not finished school yet they should not be accumulating interest as far as I know.

 

[BlackTerrel]

How much do you owe? Is it accumulating interest now? What percentage?

 

[WaltM]

nobody would advise against paying loans if you could afford it.

but why would you go to law school with college loans you've not paid off?

what do you expect to owe after law school?

 

[DamianTV]

I would.

I say fuck it. The financial shit has not quite hit the fan yet, just make payments, and buy food and ammo. I doubt that in a couple more years, your student loans will make any difference to anyone whether you paid them off completely or not.

Seriously, everyone, do you really see the economy just kicking ass at any point in the next ten years? Well hell if you listen to NBC or any TV station, they continue to promote "The economy is showing signs of recovery". Mmmm Hmmm. Right. And Smurfette is a virgin in a village where she is the only female and there are a hundred other males and all of them have blue balls!

I think you should just make minimum payments for as long as you can get away with it and spend your money on everything that you know is going to go up in price. Guns. Ammo. Food. Etc.

 

[MelissaWV]

Smurfette wasn't the only female Smurf.

Anyhow, being the way I am, I would theoretically split the difference. Keep a small portion of what you make for yourself and learn to budget it. I think people are forgetting just HOW little money you are making this summer, when they start talking about buying guns and stockpiling food and ammo. Personally, I'd probably put like $1200-$1300 towards the loan, and use the rest to keep my spirits up so I don't burn out.

How the heck are you living, anyhow? You need to be buying food and such... and if you're working a job you are likely incurring transportation costs.

 

[Jeez]

Well for those borrowing in the future they won't have to pay it back

Students who borrow money starting in July 2014 will be allowed to cap repayments at 10 percent of income above a basic living allowance, instead of 15 percent. Moreover, if they keep up payments, their balances will be forgiven after 20 years instead of 25 years — or after 10 years if they are in public service, like teaching, nursing or serving in the military.

 

[Zeeder]

Don't pay them back at all.

I don't understand the weird posts sometimes here. On one hand we talk about not having enough FOOD to SURVIVE, because the economy and the dollar is going bye bye. 2 seconds later "Should I pay my student loans"

No. If you loans are big enough, save that payment. Pay things in cash from now on. Defer until you die.

 

[Jeremy]

Don't pay them back at all.

I don't understand the weird posts sometimes here. On one hand we talk about not having enough FOOD to SURVIVE, because the economy and the dollar is going bye bye. 2 seconds later "Should I pay my student loans"

No. If you loans are big enough, save that payment. Pay things in cash from now on. Defer until you die.

You have no idea when the dollar will completely collapse. It could be in 20 years. And who knows what will happen to people who were in debt to the government.

 

[brandon]

I wouldn't.

Don't you need that money to live? How are you financing your day to day living expenses?

 

[MelissaWV]

Don't pay them back at all.

I don't understand the weird posts sometimes here. On one hand we talk about not having enough FOOD to SURVIVE, because the economy and the dollar is going bye bye. 2 seconds later "Should I pay my student loans"

No. If you loans are big enough, save that payment. Pay things in cash from now on. Defer until you die.

Who doesn't have enough food to survive? Having food doesn't actually have that much to do with the dollar. Having food in a convenient format does, but food in general will grow most places in this country, even as polluted as the soil and water have become overall.

Cries of doom and gloom have been around for ages. Being prepared is one thing, but neglecting all of your other responsibilities (and that is what a LOAN is) so that you can gamble on the collapse happening before your loans are due seems counterproductive. Personally? If I took out a loan, I'd repay it. This is probably why I don't take out loans.

 

[Danke]

Well for those borrowing in the future they won't have to pay it back

Students who borrow money starting in July 2014 will be allowed to cap repayments at 10 percent of income above a basic living allowance, instead of 15 percent. Moreover, if they keep up payments, their balances will be forgiven after 20 years instead of 25 years — or after 10 years if they are in public service, like teaching, nursing or serving in the military.

Is that true? And if so, what kind of teaching jobs qualify, University professor?

 

[jake]

I think it's LIKELY it will take about 20 years before the dollar collapses. 20 years is not a long time folks.

 

[Zeeder]

Who doesn't have enough food to survive? Having food doesn't actually have that much to do with the dollar. Having food in a convenient format does, but food in general will grow most places in this country, even as polluted as the soil and water have become overall.

Cries of doom and gloom have been around for ages. Being prepared is one thing, but neglecting all of your other responsibilities (and that is what a LOAN is) so that you can gamble on the collapse happening before your loans are due seems counterproductive. Personally? If I took out a loan, I'd repay it. This is probably why I don't take out loans.

I wouldn't post on this board, or be a Ron Paul Supported, if I thought the cries of doom and gloom were just the kind that have been around for ages.

And that's my point. Ron Paul has given 3 years for the dollar, not 20. Another austrian Faber, has given 5 years. Things don't appear to be getting better.

If you are prepared, and when I say that I mean 6 months worth of food, bills ,place to live etc.. THEN you can decide if that horrible idiotic contract you signed ,with the government backed banking criminals, is worth paying. All when you were 18 years old to boot. Nobody gives 100,000 dollars to an 18 year old. It's absolutley ridiculous.

I don't have student loans.

 

[Inflation]

Take your monthly loan payments and put them into savings, bullion, or mining stocks.

After you finish law school, start deciding whether the current conditions dictate repayment or default.

Saving up potential repayment keeps your options open for at least three more years.

If you go for default, string them along with a couple of payments per year, deferrals, etc.

 

[Baptist]

I agree with Melissa, pay them off.


If you don't pay off the loans, you are not stiffing the government, you are stiffing us tax payers. Not paying makes you worse than the feeders who take food stamps and welfare. At least those people can argue that they stole my money (via taxes) to put food on the table or a roof over their head. You defaulting on loans means you stole my money so that you could sit in front of socialist and neocon professors for four years.


The fact that the feds want every American to get a college education, and the fact that you can never get rid of the debt, should raise flags for all of you. Seems like the perfect way to enslave us all.

Thou shall not steal. Even if you don't start paying on loans now, pay them off eventually.

 

[MelissaWV]

I'd still like to know what the OP is eating. Are they somehow living off of their student loans? All they're going to make is $1600 in a summer.

 

[LibForestPaul]

Don't pay them back at all.

I don't understand the weird posts sometimes here. On one hand we talk about not having enough FOOD to SURVIVE, because the economy and the dollar is going bye bye. 2 seconds later "Should I pay my student loans"

No. If you loans are big enough, save that payment. Pay things in cash from now on. Defer until you die.

+1

Pay off a student debt? R U NUTS? When you are making $80k a year, than you can ponder paying off your debt.

 

[BlackTerrel]

Don't pay them back at all.

I don't understand the weird posts sometimes here. On one hand we talk about not having enough FOOD to SURVIVE, because the economy and the dollar is going bye bye. 2 seconds later "Should I pay my student loans"

No. If you loans are big enough, save that payment. Pay things in cash from now on. Defer until you die.

I think a lot of people were saying the same thing around Y2K.

We'll see. Bump this thread in 20 years and see if we're still here