What are your experiences with paying them back after college?

I'd post this in Old School, but they won't let me even though I'm old enough.

12/23/2005 1:37:38 AM

what i like to do, is every month i think about something in college that makes the $250 i'm sending to CFI worth it

and i post it on my blog

last month it was a steak party that i threw when i got a gift certificate to Omahasteaks.com

get the draft setup

oh
and if you dn't do a draft; don't send them extra money
for some reason they consider whatever you send in as a payment to be what you can send every month...
so they just jack your next month's payment up to whatever you send in...
wierd...

12/23/2005 2:20:51 AM

i pay cash for tuition

12/23/2005 2:26:19 AM

dolla dolla

12/23/2005 2:47:19 AM

billzyall

12/23/2005 3:46:07 AM

Well, I pay the bare minimum to my student loans, because for the longest time that really was the best way for me to go.
And it still is.
I don't have as much as most people seem to (under 12 grand altogether), but it's a monthly stab in the bank account, since I feel like college was a waste of time.

12/23/2005 5:14:49 AM

How long do they give you to pay them off? Can't you dset it up so that they just take your tax return every year and you don't have to make monthly payments?

12/23/2005 10:38:59 AM

i consolidated just before interest rates rose, and they started sending payment notices 6 months after i graduated. i pay about $215/month.

12/23/2005 11:45:21 AM

do people feel cheated that their parents weren't smart enough to save for their children's college fund? we had 5 kids all paid for

12/23/2005 11:48:22 AM

I just pay the minimum, the interest is lower than either of my car payments, so when those are paid off, i'll probably finish off the student loans.

12/23/2005 11:50:41 AM

yea, student loans are free money for me. im locked in at a 2.82% apr, and earn 5% through my credit union. i'm paying them back as slow as possible.

12/23/2005 11:55:11 AM

^^^
Yes and no. No because how my parents decide to spend their own money is their prerogative. Yes because I know of things that could have helped pay a bit more.

innova, you should have received something via email to the effect of:

Quote :

"You are only expected to attend the above Exit Loan Counseling session or complete the Exit Loan Counseling session on the web to satisfy the exit counseling requirement. The campus session should last no longer than forty (40) minutes (on-line exit counseling time may be shorter) and will include discussion of average indebtedness, monthly repayment, repayment options and ways to save money during repayment."

I did mine over the web and consolidated through CFNC. $118/month. The CFNC application itself is online ... you'll need your DOE PIN though if you want to do it that way. Give CFNC (or whoever it is) some time to process the application.

Also, unless you have a full-time job and a planned budget, don't do the automatic draft. Last thing you need to have money automatically withdrawn and you not realize it/plan for it. The incentive for the automatic draft is they will lower your interest percentage rate over time for being a "good" repayer.

[Edited on December 23, 2005 at 12:02 PM. Reason : .]

12/23/2005 12:01:49 PM

Quote :

"how long do they give you to pay them off?"

basically as long as you need

Quote :

"Also, unless you have a full-time job and a planned budget, don't do the automatic draft. "

you can tell them to cut it off when you need them to

and i guess i was just assuming that college graduates can find a full time job in 6 months, but thats just me...

even if its not the job you want

12/23/2005 12:30:39 PM

Quote :

"Can't you dset it up so that they just take your tax return every year and you don't have to make monthly payments? "

Um, I don't know what you're doing, but I'm not sure I've ever made enough in my tax returns to pay my student loan bill for the year.

12/23/2005 1:51:43 PM