Irrational/rational annoyances 02-03-16

scrunchythief · February 2016

@Jells2dot0 That's really awful! I hope your surgery and recovery goes well.

And I agree with @kimmiinthemitten about student loans and would add that a lot of jobs today require a degree where it's really not necessary. I had a manager who was 20 years old and seriously one of the best I've had. She was in charge of a kitchen gadget store, and when it closed she tried to get a job at another store in the mall as an assistant manager. Even though they asked her to apply, corporate wouldn't let them hire her because of her lack of a four year degree.

kimmiinthemitten · February 2016

lyndausvi said:

I was reading questions on Reddit's personal finance board. A few people suggested to this one guy to steal wifi and/or knock on their neighbor's door and offer to pay half of the bill.

Now am I the only one who would fucking laugh in my neighbor's face if they asked me to share wifi? (it's already secured so they can't steal it). I need wifi for work. DH's streams movies. I'm not sharing my wifi with my neighbor. Hell no.

I'm a just a bitch or would you share your internet with your neighbor?

We did for a couple days when our neighbors internet was down. We recently upgraded, and thus changed passwords so if they were still using it, they aren't now.

But if they asked to split the bill? Naw, dude.

kvruns · February 2016

banana468 said:

KnickerGold said:

lnixon8 said:

That stupid song about wanting to be a little kid and not worry about student loans in conjuncture with all the "I don't want to "adult" today" posts on facebook.

Yes it's terrible that you have student loans but how about instead of shaking your fist at society/government for making college super expensive and possibly not worth it... don't sign up for a $100,00 loan when you're 18 and have never paid a bill! No one forced you to take out loans and it's not like "college is so expensive" is something that just happened 5 years - its young 20 year olds saying this.

This makes me SO MAD!

I went to high school in a state that says 'if you have this SAT/ACT score' you go to college for free at any in-state school-- two of which are well known, well funded schools (so not a bad choice!) in addition to maybe 10 smaller schools.

But noooooo- you had to go to the private school (in state!) that is ranked much, much lower than these free schools (I went to private school, and scores were a common conversation- of the 52 kids I'd say at least 45 qualified for free in-state tuition) and are now B**ching about your $250k student loan and how you shouldn't have to pay it back! Oy.

Our college counselors- 2 for the 52 of us- were very good about communicating the huge costs of schools/loan repayment. You made your choice- deal with it!

Totally agree! I really hate this concept of student loan forgiveness as if they're things that 'happened' to you.

I generally hate the student loan process in general though. I can't get a mortgage or a car loan without showing how I'm going to pay it off. Maybe I'm just crazy but I don't think you should be able to get a loan for school if you're not showing a way that you plan to pay it off. And I'm not going to knock studies in psychology or philosophy but don't lament that you have $200,000 in loans from your private Boston area school that you can't pay off because no one will hire you because you CHOSE to major in a field that isn't hiring or low paying and you knew that when you started.

Add me to this camp too. My previous job was at a national for-profit school for which you've all seen the commercials. While I don't think it is the greatest thing ever and there are a lot of issues with that model I also hate how those schools get the bad reputation when, as PPs pointed out, there are other reputable schools that sidle people with huge amounts of debt for degrees that aren't worth much either (the Boston example above).

thisismynickname2 · February 2016

1) Internet's so expensive that yeah, I'd split it with my neighbors in a non-WFH situation. We're part of a 100+ unit complex where cable is already included. Internet alone- the adequate speed, after the group pricing- is $75 a month. It's TERRIBLE. DH bitches about it every day. People are streaming too much and we already have cable handed to us. So if DH and I were to upgrade to faster internet just to check our e-mail, online shop, check the news and watch cat videos on YouTube, hell yes I'd split that bill with a neighbor.

2) Student loans. When we're 18 and brainwashed into thinking that a bachelor's degree is the only path to a good job, it's still not rocket science to say, "Hm, this private school is going to be $25,000 a year. This public school is $8,000 a year. Journalists only make like $27,000 a year. I think I'll go to the public school." Or, it's also not rocket science to think, "Gee, if I take out $100,000 in loans, that's $2k a year for the next 50 years. Or $3300 a year for the next 30 years. Or $5k a year for the next 20 years. Without this magical thing called interest that they're telling me about. Hm." Our nation's school system is pathetic in teaching the most basic of life skills. Utterly pathetic.

Considering that the government is behind the sharp increase in education costs thanks to all the money they hand out like candy to incentivize people to go, they need to do something to rein it in. At the very least they need to allow people to refinance their loans, just like how mortgages can be refinanced. Nobody should be paying 6-8% or more when you can get a mortgage for 3.75% right now.

Edit: words are hard

lyndausvi · February 2016

thisismynickname said:

1) Internet's so expensive that yeah, I'd split it with my neighbors in a non-WFH situation. We're part of a 100+ unit complex where cable is already included. Internet alone- the adequate speed, after the group pricing- is $75 a month. It's TERRIBLE. DH bitches about it every day. People are streaming too much and we already have cable handed to us. So if DH and I were to upgrade to faster internet just to check our e-mail, online shop, check the news and watch cat videos on YouTube, hell yes I'd split that bill with a neighbor.

I guess I don't like my neighbors enough. My luck I would get the dude who streams child porn to the point that is (1) uses up all the data for the month and (2) slows us down in the process. Of course, being child porn I would investigated since it came from my account.

As I said, I work from home. My work phone is web based. I'm not letting anyone tap into my home network.

Sorrynotsorry

nerdwife · February 2016

lyndausvi said:

thisismynickname said:

1) Internet's so expensive that yeah, I'd split it with my neighbors in a non-WFH situation. We're part of a 100+ unit complex where cable is already included. Internet alone- the adequate speed, after the group pricing- is $75 a month. It's TERRIBLE. DH bitches about it every day. People are streaming too much and we already have cable handed to us. So if DH and I were to upgrade to faster internet just to check our e-mail, online shop, check the news and watch cat videos on YouTube, hell yes I'd split that bill with a neighbor.

I guess I don't like my neighbors enough. My luck I would get the dude who streams child porn to the point that is (1) uses up all the data for the month and (2) slows us down in the process. Of course, being child porn I would investigated since it came from my account.

As I said, I work from home. My work phone is web based. I'm not letting anyone tap into my home network.

Sorrynotsorry

I like that your issue here is that the child porn would use your data and slow you down.

kimmiinthemitten · February 2016

thisismynickname said:

1) Internet's so expensive that yeah, I'd split it with my neighbors in a non-WFH situation. We're part of a 100+ unit complex where cable is already included. Internet alone- the adequate speed, after the group pricing- is $75 a month. It's TERRIBLE. DH bitches about it every day. People are streaming too much and we already have cable handed to us. So if DH and I were to upgrade to faster internet just to check our e-mail, online shop, check the news and watch cat videos on YouTube, hell yes I'd split that bill with a neighbor.

2) Student loans. When we're 18 and brainwashed into thinking that a bachelor's degree is the only path to a good job, it's still not rocket science to say, "Hm, this private school is going to be $25,000 a year. This public school is $8,000 a year. Journalists only make like $27,000 a year. I think I'll go to the public school." Or, it's also not rocket science to think, "Gee, if I take out $100,000 in loans, that's $2k a year for the next 50 years. Or $3300 a year for the next 30 years. Or $5k a year for the next 20 years. Without this magical thing called interest that they're telling me about. Hm." Our nation's school system is pathetic in teaching the most basic of life skills. Utterly pathetic.

Considering that the government is behind the sharp increase in education costs thanks to all the money they hand out like candy to incentivize people to go, they need to do something to rein it in. At the very least they need to allow people to refinance their loans, just like how mortgages can be refinanced. Nobody should be paying 6-8% or more when you can get a mortgage for 3.75% right now.

Edit: words are hard

Damn, your internet is high! I don't blame you - that sucks!

And no, it's not rocket science. But critical thinking is a learned behavior. It's also not rocket science for an 18 year old to look at their options and choose based on what costs more at the time. Especially when the adults (the lenders and school) are so eager and willing to get you just to sign on the dotted line. I was an obvious easy sell to a group of much more experienced adults who pretended to have my best interest at heart. And in my mere months of adulting, I believed them and signed up for boatloads of debt.

I accept my role in the debt; hence why I pay it monthly. However, I can't understand why some people (universal audience here) really find it so hard to believe that annually thousands of students sell their soul to the devil, and are too immature to realize the details. Without someone to look after you in your teen years, you're going to make huge mistakes. The industry of upper education recognizes this and uses it to their best ability to make money on unassuming kids.

lyndausvi · February 2016

nerdwife said:

lyndausvi said:

thisismynickname said:

1) Internet's so expensive that yeah, I'd split it with my neighbors in a non-WFH situation. We're part of a 100+ unit complex where cable is already included. Internet alone- the adequate speed, after the group pricing- is $75 a month. It's TERRIBLE. DH bitches about it every day. People are streaming too much and we already have cable handed to us. So if DH and I were to upgrade to faster internet just to check our e-mail, online shop, check the news and watch cat videos on YouTube, hell yes I'd split that bill with a neighbor.

I guess I don't like my neighbors enough. My luck I would get the dude who streams child porn to the point that is (1) uses up all the data for the month and (2) slows us down in the process. Of course, being child porn I would investigated since it came from my account.

As I said, I work from home. My work phone is web based. I'm not letting anyone tap into my home network.

Sorrynotsorry

I like that your issue here is that the child porn would use your data and slow you down.

my issue is with the whole situation. Sadly, yes they could be streaming inappropriate and illegal images that are now linked to your account.

People hind a lot of secrets in their homes and I have no desire to be linked to them.

nerdwife · February 2016

lyndausvi said:

nerdwife said:

lyndausvi said:

thisismynickname said:

1) Internet's so expensive that yeah, I'd split it with my neighbors in a non-WFH situation. We're part of a 100+ unit complex where cable is already included. Internet alone- the adequate speed, after the group pricing- is $75 a month. It's TERRIBLE. DH bitches about it every day. People are streaming too much and we already have cable handed to us. So if DH and I were to upgrade to faster internet just to check our e-mail, online shop, check the news and watch cat videos on YouTube, hell yes I'd split that bill with a neighbor.

I guess I don't like my neighbors enough. My luck I would get the dude who streams child porn to the point that is (1) uses up all the data for the month and (2) slows us down in the process. Of course, being child porn I would investigated since it came from my account.

As I said, I work from home. My work phone is web based. I'm not letting anyone tap into my home network.

Sorrynotsorry

I like that your issue here is that the child porn would use your data and slow you down.

my issue is with the whole situation. Sadly, yes they could be streaming inappropriate and illegal images that are now linked to your account.

People hind a lot of secrets in their homes and I have no desire to be linked to them.

No, I know, I just thought that was a funny way to put it. Not like, "and then I could be helping someone with child porn!" or even just "that would be horrible," but concern for your data usage. I assume you are not pro-child pornography though.

lyndausvi · February 2016

nerdwife said:

lyndausvi said:

nerdwife said:

lyndausvi said:

thisismynickname said:

1) Internet's so expensive that yeah, I'd split it with my neighbors in a non-WFH situation. We're part of a 100+ unit complex where cable is already included. Internet alone- the adequate speed, after the group pricing- is $75 a month. It's TERRIBLE. DH bitches about it every day. People are streaming too much and we already have cable handed to us. So if DH and I were to upgrade to faster internet just to check our e-mail, online shop, check the news and watch cat videos on YouTube, hell yes I'd split that bill with a neighbor.

I guess I don't like my neighbors enough. My luck I would get the dude who streams child porn to the point that is (1) uses up all the data for the month and (2) slows us down in the process. Of course, being child porn I would investigated since it came from my account.

As I said, I work from home. My work phone is web based. I'm not letting anyone tap into my home network.

Sorrynotsorry

I like that your issue here is that the child porn would use your data and slow you down.

my issue is with the whole situation. Sadly, yes they could be streaming inappropriate and illegal images that are now linked to your account.

People hind a lot of secrets in their homes and I have no desire to be linked to them.

No, I know, I just thought that was a funny way to put it. Not like, "and then I could be helping someone with child porn!" or even just "that would be horrible," but concern for your data usage. I assume you are not pro-child pornography though.

To be fair I would notice the extra data usage and slowness before I knew it was child-porn that was causing the issue. So in a sense I would be annoyed with those first.

Then I would throw up knowing I help some scum bag view such horrible things.

thisismynickname2 · February 2016

kimmiinthemitten said:

thisismynickname said:

1) Internet's so expensive that yeah, I'd split it with my neighbors in a non-WFH situation. We're part of a 100+ unit complex where cable is already included. Internet alone- the adequate speed, after the group pricing- is $75 a month. It's TERRIBLE. DH bitches about it every day. People are streaming too much and we already have cable handed to us. So if DH and I were to upgrade to faster internet just to check our e-mail, online shop, check the news and watch cat videos on YouTube, hell yes I'd split that bill with a neighbor.

2) Student loans. When we're 18 and brainwashed into thinking that a bachelor's degree is the only path to a good job, it's still not rocket science to say, "Hm, this private school is going to be $25,000 a year. This public school is $8,000 a year. Journalists only make like $27,000 a year. I think I'll go to the public school." Or, it's also not rocket science to think, "Gee, if I take out $100,000 in loans, that's $2k a year for the next 50 years. Or $3300 a year for the next 30 years. Or $5k a year for the next 20 years. Without this magical thing called interest that they're telling me about. Hm." Our nation's school system is pathetic in teaching the most basic of life skills. Utterly pathetic.

Considering that the government is behind the sharp increase in education costs thanks to all the money they hand out like candy to incentivize people to go, they need to do something to rein it in. At the very least they need to allow people to refinance their loans, just like how mortgages can be refinanced. Nobody should be paying 6-8% or more when you can get a mortgage for 3.75% right now.

Edit: words are hard

Damn, your internet is high! I don't blame you - that sucks!

And no, it's not rocket science. But critical thinking is a learned behavior. It's also not rocket science for an 18 year old to look at their options and choose based on what costs more at the time. Especially when the adults (the lenders and school) are so eager and willing to get you just to sign on the dotted line. I was an obvious easy sell to a group of much more experienced adults who pretended to have my best interest at heart. And in my mere months of adulting, I believed them and signed up for boatloads of debt.

I accept my role in the debt; hence why I pay it monthly. However, I can't understand why some people (universal audience here) really find it so hard to believe that annually thousands of students sell their soul to the devil, and are too immature to realize the details. Without someone to look after you in your teen years, you're going to make huge mistakes. The industry of upper education recognizes this and uses it to their best ability to make money on unassuming kids.

I do agree that for teenagers, they are too immature to realize the details and need guidance. High school guidance counselors, economics and math education, all kinds of stuff would help teens make more responsible decisions.

But it's not just teens. This story makes my blood boil: I was talking to one of DH's classmates in a master's program after they graduated. I think this woman is 30-32? Anyway, this is a private, Big Ten school for which the degree cost over twice what I paid for my master's. She works at a non-profit. She said, "I'm just paying the bare minimum until the government forgives the rest." My face was blank. Then she said, "It's just credit. It's not real money." WHAT!? WHAT??? You think the professors who taught you were paid in monopoly money? The people who take care of the university facilities were paid in monopoly money? You think you are entitled to have people like ME who pay TAXES pay for your expensive-ass master's fucking degree? Fuck you. While those thoughts played through my brain, I kept my face blank, said, "Ah." And ended the conversation. Luckily it was the end of the night and DH and I just left.

scrunchythief · February 2016

thisismynickname said:

kimmiinthemitten said:

thisismynickname said:

[...]

[...]

I do agree that for teenagers, they are too immature to realize the details and need guidance. High school guidance counselors, economics and math education, all kinds of stuff would help teens make more responsible decisions.

But it's not just teens. This story makes my blood boil: I was talking to one of DH's classmates in a master's program after they graduated. I think this woman is 30-32? Anyway, this is a private, Big Ten school for which the degree cost over twice what I paid for my master's. She works at a non-profit. She said, "I'm just paying the bare minimum until the government forgives the rest." My face was blank. Then she said, "It's just credit. It's not real money." WHAT!? WHAT??? You think the professors who taught you were paid in monopoly money? The people who take care of the university facilities were paid in monopoly money? You think you are entitled to have people like ME who pay TAXES pay for your expensive-ass master's fucking degree? Fuck you. While those thoughts played through my brain, I kept my face blank, said, "Ah." And ended the conversation. Luckily it was the end of the night and DH and I just left.

Oh goodness, I hope that woman doesn't have a credit card.

OliveOilsMom · February 2016

It would be great if they could show the amortization sheets to students prior to starting on a 4 year degree. Even if the final numbers are general. It would give an idea of how much it will actually cost someone over the course of the loan, how much they will spend to repay it.

kimmiinthemitten · February 2016

@thisismynickname That's nuts! I mean, I joke about how when I die so do my student loans, but I'm not actively trying just to eliminate them!

lyndausvi · February 2016

OliveOilsMom said:

It would be great if they could show the amortization sheets to students prior to starting on a 4 year degree. Even if the final numbers are general. It would give an idea of how much it will actually cost someone over the course of the loan, how much they will spend to repay it.

I threw up a little when I signed my mortgage papers and saw what the final amount I would pay if didn't pay anything extra.

It's quite the eye-opener.

kimmiinthemitten · February 2016

lyndausvi said:

OliveOilsMom said:

It would be great if they could show the amortization sheets to students prior to starting on a 4 year degree. Even if the final numbers are general. It would give an idea of how much it will actually cost someone over the course of the loan, how much they will spend to repay it.

I threw up a little when I signed my mortgage papers and saw what the final amount I would pay if didn't pay anything extra.

It's quite the eye-opener.

SITB - I'm pretty sure I'm likely going to pay double for my loans. Especially since they were deferred for a few years.

It'd also be better if they allowed lowered payments like other bills. I didn't have a car when I graduated from college so I lived on my moms sofa and worked the closing shift at the local McDonalds. I made $400/month and Sallie's options were to default, defer or pay $300.00/month.

thisismynickname2 · February 2016

OliveOilsMom said:

It would be great if they could show the amortization sheets to students prior to starting on a 4 year degree. Even if the final numbers are general. It would give an idea of how much it will actually cost someone over the course of the loan, how much they will spend to repay it.

They actually do now. When I signed up for my master's in 2013 and signed the master promissory note, I saw information about what the degree would really cost. I don't remember all the finer details and do recall it looked different from my mortage a-schedule, but... yup that info was on my federal loans!

nerdwife · February 2016

kimmiinthemitten said:

lyndausvi said:

OliveOilsMom said:

It would be great if they could show the amortization sheets to students prior to starting on a 4 year degree. Even if the final numbers are general. It would give an idea of how much it will actually cost someone over the course of the loan, how much they will spend to repay it.

I threw up a little when I signed my mortgage papers and saw what the final amount I would pay if didn't pay anything extra.

It's quite the eye-opener.

SITB - I'm pretty sure I'm likely going to pay double for my loans. Especially since they were deferred for a few years.

It'd also be better if they allowed lowered payments like other bills. I didn't have a car when I graduated from college so I lived on my moms sofa and worked the closing shift at the local McDonalds. I made $400/month and Sallie's options were to default, defer or pay $300.00/month.

Income-based repayment has been a life-saver for me and for FI! Have you looked into it?

emmaaa · February 2016

thisismynickname said:

OliveOilsMom said:

It would be great if they could show the amortization sheets to students prior to starting on a 4 year degree. Even if the final numbers are general. It would give an idea of how much it will actually cost someone over the course of the loan, how much they will spend to repay it.

They actually do now. When I signed up for my master's in 2013 and signed the master promissory note, I saw information about what the degree would really cost. I don't remember all the finer details and do recall it looked different from my mortage a-schedule, but... yup that info was on my federal loans!

I had to do the same thing for my student loans. It was essentially a test to prove that I knew I had to pay it back and how long it could take and how much it really would cost for my degree/

scrunchythief · February 2016

OliveOilsMom said:

It would be great if they could show the amortization sheets to students prior to starting on a 4 year degree. Even if the final numbers are general. It would give an idea of how much it will actually cost someone over the course of the loan, how much they will spend to repay it.

I think my loan website shows me what the loan will cost if I pay the minimum. I can't remember if it did before I signed though.

julieanne912 · February 2016

The problem with income based and lowered payment plans is, you're not really doing anything to your loan.... you're basically just paying the interest, and in some cases, not even that.

The federal loans are not the problem, at least in my opinion. My federal loan is at 1.9% interest. I pay the payment they gave me (a reasonable $80/month), and I'm about $6,000 away from having it paid off.

It's the private loans that are the issue. Right now my rate is pretty good, comparatively speaking, around 5.25% I believe. But because the amount is large, my monthly minimum just covers the interest. I received my interest statement for taxes... I paid almost $3,000 last year in interest. Even though I'm very diligent and pay on time, I can't afford to pay more than what I am right now... and the balance isn't going down. When I was younger I made over double what I make now, and was paying $1,000/month towards them, so at least I made some progress back then. If they could somehow treat private loans like the federal ones, with decent interest rates, then people would have a good chance of paying them off in their lifetime.

And, I agree with kimmi... I unfortunately went to a private design school in Chicago... worst mistake of my life, should have stayed at home and went to the cheaper state school. Anyway, the financial aid people at the school push hard for those private loans from Sallie Mae... and as a young person who never received any kind of financial education from anybody, I thought it wasn't a bad idea at all and would be easy to repay. After I quit school and started to learn more in the "real world", I was SHOCKED that my interest rate was something like 16%. I had credit cards with rates lower than that. Once I did figure that out though, I refinanced and consolidated them with a different company and as I've mentioned above, my rate has always been reasonable. It's adjustable though so it could go up sometime in the near future.

nerdwife · February 2016

julieanne912 said:

The problem with income based and lowered payment plans is, you're not really doing anything to your loan.... you're basically just paying the interest, and in some cases, not even that.

The federal loans are not the problem, at least in my opinion. My federal loan is at 1.9% interest. I pay the payment they gave me (a reasonable $80/month), and I'm about $6,000 away from having it paid off.

It's the private loans that are the issue. Right now my rate is pretty good, comparatively speaking, around 5.25% I believe. But because the amount is large, my monthly minimum just covers the interest. I received my interest statement for taxes... I paid almost $3,000 last year in interest. Even though I'm very diligent and pay on time, I can't afford to pay more than what I am right now... and the balance isn't going down. When I was younger I made over double what I make now, and was paying $1,000/month towards them, so at least I made some progress back then. If they could somehow treat private loans like the federal ones, with decent interest rates, then people would have a good chance of paying them off in their lifetime.

And, I agree with kimmi... I unfortunately went to a private design school in Chicago... worst mistake of my life, should have stayed at home and went to the cheaper state school. Anyway, the financial aid people at the school push hard for those private loans from Sallie Mae... and as a young person who never received any kind of financial education from anybody, I thought it wasn't a bad idea at all and would be easy to repay. After I quit school and started to learn more in the "real world", I was SHOCKED that my interest rate was something like 16%. I had credit cards with rates lower than that. Once I did figure that out though, I refinanced and consolidated them with a different company and as I've mentioned above, my rate has always been reasonable. It's adjustable though so it could go up sometime in the near future.

But with programs like IBR, there's a forgiveness portion - so no matter how low your monthly payments, the balance is forgiven at the end of 25 years. I think though that this is just for federal loans, which is what I have (though my interest rate is much higher than yours). I don't know much about how private loans work.

cupcait927 · February 2016

@nerdwife IBR is generally only available for federal loans, and even though they forgive the balance due, it's treated as taxable income. So you're not free and clear at the end.

@julieanne912 I would kill for an interest rate of 1.9% on my federal loans. Currently I have my four stafford loans through Navient (formerly Sallie Mae) and they're at 2.5%, 2.5%, 5.8% and 6.8%. My private loan is 4.88%. I'm also doing IBR on my Navient loan and the payment is set to go up by $250 in October (ugh). I wish I had never done it and stayed with my original payment - I'd be a lot further along by now.

julieanne912 · February 2016

cupcait927 said:

@nerdwife IBR is generally only available for federal loans, and even though they forgive the balance due, it's treated as taxable income. So you're not free and clear at the end.

@julieanne912 I would kill for an interest rate of 1.9% on my federal loans. Currently I have my four stafford loans through Navient (formerly Sallie Mae) and they're at 2.5%, 2.5%, 5.8% and 6.8%. My private loan is 4.88%. I'm also doing IBR on my Navient loan and the payment is set to go up by $250 in October (ugh). I wish I had never done it and stayed with my original payment - I'd be a lot further along by now.

I'm not familiar with IBR, but can you consolidate those 4 loans into 1? That's what I did... I had like 6 loans consolidated to 2, but just make one payment, also with Navient (originally was Wells Fargo but got moved last year). I love Navient by the way, very customer friendly.

nerdwife · February 2016

cupcait927 said:

@nerdwife IBR is generally only available for federal loans, and even though they forgive the balance due, it's treated as taxable income. So you're not free and clear at the end.

@julieanne912 I would kill for an interest rate of 1.9% on my federal loans. Currently I have my four stafford loans through Navient (formerly Sallie Mae) and they're at 2.5%, 2.5%, 5.8% and 6.8%. My private loan is 4.88%. I'm also doing IBR on my Navient loan and the payment is set to go up by $250 in October (ugh). I wish I had never done it and stayed with my original payment - I'd be a lot further along by now.

Good point. The one good thing is most people would be in a much better financial position 25 years into their career than at the outset.

cupcait927 · February 2016

julieanne912 said:

cupcait927 said:

@nerdwife IBR is generally only available for federal loans, and even though they forgive the balance due, it's treated as taxable income. So you're not free and clear at the end.

@julieanne912 I would kill for an interest rate of 1.9% on my federal loans. Currently I have my four stafford loans through Navient (formerly Sallie Mae) and they're at 2.5%, 2.5%, 5.8% and 6.8%. My private loan is 4.88%. I'm also doing IBR on my Navient loan and the payment is set to go up by $250 in October (ugh). I wish I had never done it and stayed with my original payment - I'd be a lot further along by now.

I'm not familiar with IBR, but can you consolidate those 4 loans into 1? That's what I did... I had like 6 loans consolidated to 2, but just make one payment, also with Navient (originally was Wells Fargo but got moved last year). I love Navient by the way, very customer friendly.

I was talking it out with H and I think I'm going to call Navient and ask about consolidating. I make one payment a month that includes the payment for all four loans, but it would be nice to have one interest rate (and hopefully one that's low!)

KnickerGold · February 2016

I mean my uncle paid off Med School by working on an Indian Reservation for 6 years I think (8?) That was his plan going in. He worked for a very-low-for-a-doctor wage, enough to live on in the middle of nowhere, sort of, but then his loans were all forgiven (they're deferred while you're working those years), since he completed however many years they required.
He actually ended up staying there after they were paid off as his salary tripled, and since there were so few doctors who would go (even to have med school loans paid off in 6 years!) they were always short staffed.

I dunno, if I had $300k in med school loans and $50k/year was forgiven- plus a low salary- I'd sign up! Better than paying them off for 30 years!

kimmiinthemitten · February 2016

@nerdwife That was 13 years ago. At the time $300 was the lowest they would go because the balance was so high.

7 years ago I tried to do the income adjustment again. I was paying monthly and asked for help but they would only consider x,y and z as deducts from my income so I was denied. I literally had to default on my loans for 6 months for them to allow me to refinance based on real income. Once in default, they consider a,b,c and x,y, z as deducts and I was able to restructure. The whole system is bonkers.

@julieanne912 but you're still collecting interest while in default/forbearance. At least let me pay down some of my interest if I can pay something vs nothing.

nerdwife · February 2016

KnickerGold said:

I mean my uncle paid off Med School by working on an Indian Reservation for 6 years I think (8?) That was his plan going in. He worked for a very-low-for-a-doctor wage, enough to live on in the middle of nowhere, sort of, but then his loans were all forgiven (they're deferred while you're working those years), since he completed however many years they required.
He actually ended up staying there after they were paid off as his salary tripled, and since there were so few doctors who would go (even to have med school loans paid off in 6 years!) they were always short staffed.

I dunno, if I had $300k in med school loans and $50k/year was forgiven- plus a low salary- I'd sign up! Better than paying them off for 30 years!

The first time I read this I thought it said Indian Restaurant and I was like whaaaaat?!

FI is currently in his first year of residency, so I know more than I would like to about med school loans and ways to pay them off. There are options like the one you mentioned and things in the military that allow loan forgiveness. However, those options weren't right for us, as we wanted to stay near our families, especially during this really pivotal time in our lives as we get married and start our own family. Plus, I'm a lawyer, so for me to practice in another state means another bar exam, which is expensive and difficult.

Fortunately, there is Public Service Loan Forgiveness for federal loans, which FI is using. His six-year residency is at a non-profit hospital, and as long as he works at a non-profit hospital for ten years, his loans will be forgiven at the end. He plans on always working at academic non-profit hospitals, so that's not an issue.

I actually really wanted to go into public service law (not for the loan forgiveness, though that's an added benefit), but I actually could not get a job. I couldn't believe how much competition there was for law school grads for jobs paying $45k a year. But that's a whole different problem.

nerdwife · February 2016

Can I steer this back to irrational annoyances to complain about people writing 500$ instead of $500? So. Annoying.

Irrational/rational annoyances 02-03-16

Re: Irrational/rational annoyances 02-03-16

Choose Another Board

Search Boards