Student loans

[Zigma]

Consider me lucky but I am 22 years old and and make roughly $40,000 a year working IT. I have 5 credit cards and one charge card with no preset limit, racking in a total of about $20,000 worth of credit freely for me to use. I am not in debt and I've never gone to college because I consider it a waste of time if you're talented when it comes to computers.

Making $40k/yr and you want me to consider you lucky? Yup, definitely should have gone to college.

You're forgetting the fact that this is starting, wait 5 years.

[evilbau]

The average advertising creative director makes $90,000/year. College is such a waste!

yeah, because everyone has artistic talents and communication skills lol

[miokomioko]

The average advertising creative director makes $90,000/year. College is such a waste!

yeah, because everyone has artistic talents and communication skills lol

Design, conceptualizing, business communication, advertising, marketing, merchandising, visual psychology...

These are things you learn in... (drumroll please) college!

[Keno]

Consider me lucky but I am 22 years old and and make roughly $40,000 a year working IT. I have 5 credit cards and one charge card with no preset limit, racking in a total of about $20,000 worth of credit freely for me to use. I am not in debt and I've never gone to college because I consider it a waste of time if you're talented when it comes to computers.

Making $40k/yr and you want me to consider you lucky? Yup, definitely should have gone to college.

You're forgetting the fact that this is starting, wait 5 years.

Nope, didn't forget that. Make sure you give me a call in five years when you realize your IT job has practically no advancement opportunities and that you guys are a dime a dozen.

[Zigma]

Consider me lucky but I am 22 years old and and make roughly $40,000 a year working IT. I have 5 credit cards and one charge card with no preset limit, racking in a total of about $20,000 worth of credit freely for me to use. I am not in debt and I've never gone to college because I consider it a waste of time if you're talented when it comes to computers.

Making $40k/yr and you want me to consider you lucky? Yup, definitely should have gone to college.

You're forgetting the fact that this is starting, wait 5 years.

Nope, didn't forget that. Make sure you give me a call in five years when you realize your IT job has practically no advancement opportunities and that you guys are a dime a dozen.

What you said is very true if you consider Geeksquad IT.

[Awoir]

I used SallieMae for one semester, and paid back the loan right when the semester was over. I had nothing but bad service from them. I go directly through Citibank now.

[Fng]

what a life, fresh out of school and in debt.

Student loans are some of the best types of debt which exist.

That's assuming you make less than 60k? a year, otherwise it's just low interest debt. (you can only write of the interest if you make less than a certian amount per year)

Mortgage debt, over the last 10 years, been significantly better than Student loans (assuming you own the property attached to it.... although I wouldnt want to have to much of either in 2010.)

Having paid off debt is the best type of debt to have.


To the OP: If they dont explicitly tell you how your interest rate is calculated move on... My bet is they are hiding it for a reason.

[Keno]

My best tip of loan advice I can give you is to CHECK THE FINE print, specifically when they say "fixed payment loans". Sure, the payment is fixed at say 2.5% or something, but then they just accrue the interest on a variable rate loan and tack it onto the end of the loan. So yeah you will still pay the same amount as you agreed to when you sign but you'll just end up with a few extra thousand to pay off at the end.

[archibaldcrane]

I have been out of college for 3 years, and got my student loans consolidated into 1 20-year loan by Sallie Mae at a fixed interest rate of 2.75%.

It makes sense to me to pay my student loans back as slowly as possible, since I can get 5%+ interest on money sitting in an INGdirect account.

Do I win?

yes, that is why student loans are good. you played the game well.

Oops, sorry, I actually meant 2.625%. I use it to pick up girls as well, it's great. "Check out my consolidated student loan interest rate."

Panty dropper every time.

[Demosthenes11]

I have been out of college for 3 years, and got my student loans consolidated into 1 20-year loan by Sallie Mae at a fixed interest rate of 2.75%.

It makes sense to me to pay my student loans back as slowly as possible, since I can get 5%+ interest on money sitting in an INGdirect account.

Do I win?

yes, that is why student loans are good. you played the game well.

Oops, sorry, I actually meant 2.625%. I use it to pick up girls as well, it's great. "Check out my consolidated student loan interest rate."

Panty dropper every time.

made me wet

[Remyo]

5 credit cards thats not good for your credit. you should only have at most 2. and only use 33% of your credit line to optimize your credit score.


on topic: I used the stafford federal direct student loans. They were the best option since everywhere else wanted a co-signer and I didn't have anyone to do it. They gave me part of it subsidized becuase I met financial criteria for the interest free portion and I have some unsubsidized. I only take out what I need for tuition a books. And I pay off the quarterly interest while paying $20~ a week through their online payment source. they give me a 6 month grace period after graduation (or if I don't register a semester) before repayment with a ten year plan $50 a month minimum though my repayment plan chages per semester. I can extend that depending on my ability to repay.

[Weltall]

No debt is the best debt. Take all the money you are paying back slowly over time on those college loans and diversify it around mutual funds/bonds and you will come out a better winner.

[Remyo]

college loans are a necessary evil for some people. sure in a perfect world we would all have enough money to do w/e, but the reality is we don't and to get to a place in our lives where we can have what we need, we must borrow money to make money (in the long run). Just because you know that debt is bad is fine say your peace and go, the OP is asking for the best place to get one, not who has a medicore job without going to college because you lucked up at best buy. gtfo with that.

[archibaldcrane]

Consider me lucky but I am 22 years old and and make roughly $40,000 a year working IT. I have 5 credit cards and one charge card with no preset limit, racking in a total of about $20,000 worth of credit freely for me to use. I am not in debt and I've never gone to college because I consider it a waste of time if you're talented when it comes to computers.

Did someone say Computer Skillz?
http://www.ugo.com/versus/images/cha...Dynamite_1.jpg

[evilbau]

what a life, fresh out of school and in debt.

Student loans are some of the best types of debt which exist.

That's assuming you make less than 60k? a year, otherwise it's just low interest debt. (you can only write of the interest if you make less than a certian amount per year)

Mortgage debt, over the last 10 years, been significantly better than Student loans (assuming you own the property attached to it.... although I wouldnt want to have to much of either in 2010.)

Having paid off debt is the best type of debt to have.


To the OP: If they dont explicitly tell you how your interest rate is calculated move on... My bet is they are hiding it for a reason.

Well actually, its 65k, but your point is well taken. Regardless, low interest debt allows for arbitrage opportunities with that money. So by not paying it back, you are making whatever the difference between the interest rate of the loan is and the return whatever your chosen investment is.

Having paid debt is not the best debt: low cost debt is. 0% or whatever extremely low APR loan. Look up App-O-Ramas and you'll have an idea of what leveraging your low cost debt can do.

And boy did you jump to conclusions when I said 'Student loans are some of the best types of debt'. Did I ever say mortgages were worse? They are good for different reasons. Student loans you get without any real analysis of your ability to pay it back. When you apply for a mortgage that stuff is heavily based on your income and cash, so its not like its easier to get. I wholeheartedly agree that mortgages are one of the 'other' best forms of debt. There are many positive tax consequences for it.

I'm amazed that this topic was brought to bg lol

[evilbau]

5 credit cards thats not good for your credit. you should only have at most 2. and only use 33% of your credit line to optimize your credit score.


on topic: I used the stafford federal direct student loans. They were the best option since everywhere else wanted a co-signer and I didn't have anyone to do it. They gave me part of it subsidized becuase I met financial criteria for the interest free portion and I have some unsubsidized. I only take out what I need for tuition a books. And I pay off the quarterly interest while paying $20~ a week through their online payment source. they give me a 6 month grace period after graduation (or if I don't register a semester) before repayment with a ten year plan $50 a month minimum though my repayment plan chages per semester. I can extend that depending on my ability to repay.

the bit about the credit cards is rubbish (Find out how your FICO score is calculated), but the info on student loans was good.

[Melena]

Consider me lucky but I am 22 years old and and make roughly $40,000 a year working IT. I have 5 credit cards and one charge card with no preset limit, racking in a total of about $20,000 worth of credit freely for me to use. I am not in debt and I've never gone to college because I consider it a waste of time if you're talented when it comes to computers.

yet if you lived in california with those credentials unless you were sucking the bosses dick, you'd maybe get lucky with an entry level position and making maybe 25k a year. and all honesty, 40k a year is not much, bout the bare minimum to live comfortably in the SF Bay area.

[Beckwin]

It's possible to get through school w/o any debt too >.>

[Demosthenes11]

It's possible to get through school w/o any debt too >.>

I don't care if you have rich parents

[Panella]

It's possible to get through school w/o any debt too >.>

I don't care if you have rich parents

Your state doesn't have it's version of the HOPE scholarship? That sucks