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Just got a thing in the mail about my student loans...

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YellowRubberDuckie Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-15-04 02:12 PM
Original message
Just got a thing in the mail about my student loans...
I owe almost $20,000...And I'm not even done yet. I thought it wasn't that high...guess I was wrong. I hate being in debt. Do they take into account your student loans when you decide to buy a house? God I hope not. I bit off all my nails today. This isn't good. SIGH
Duckie
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elfwitch Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-15-04 02:13 PM
Response to Original message
1. I so have you beat...
I'm up to $59K and haven't made a payment yet. I have had to defer them with interest for two years, so far, because i cannot afford the $400+ a month payment.
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ewagner Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-15-04 02:14 PM
Response to Original message
2. Relax
Your student loan will show established credit....especially if you make payments on time......

That's the upside.....
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Mikimouse Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-15-04 02:16 PM
Response to Original message
3. Don't sweat it, not at all...
Once you are finished with your degree, you will get a statement of your total indebtedness. Then, the smart thing to do is to consolidate your student loans for 30 years. Take my word for it, you will be better off. My wife and I did that last year when I stopped taking the loans and were approved for much lower payments (and we owed considerably more than what you owe, with both of us finishing doctoral programs). Best to see if your lending institution has consolidation programs, most do, and go through them to get your consolidation approved.
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YellowRubberDuckie Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-15-04 02:24 PM
Response to Reply #3
5. I just added it up...
And if i do the ten year thing, I'll only owe around 160 a month. I'm not freaking out too bad, but I just got off the phone with my mom who freaking yells at me and when I tell her not to yell at me, she hangs up on me. God, sometimes wish I didn't have to worry about anything. She makes everything so much worse.
Duckie
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sniffa Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-15-04 02:21 PM
Response to Original message
4. don't sweat.. eventuaLLy you'LL die
and not owe them anymore.
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felonious thunk Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-15-04 02:27 PM
Response to Original message
6. They will take it into consideration
But not necessarily in a bad way. Make the payments on time, and with your degree you'll be a good credit risk. And student loans allow you to take deferments and such. I'm paying like $500 a month on mine right now, and had no trouble getting a home loan. Just think of your student loans as the Mercedes that you pay for, but don't get.
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LynneSin Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-15-04 02:29 PM
Response to Original message
7. Whatever you do, don't default on your student loans
It's the easiest way to establish credit and the one loan that they'll frown the most about if you fail to pay it. That's probably because if you are having problems with your student loans, you can work with the loan officers to keep the loans from defaulting.

I know it's tough to deal with them - nothing like starting out in your life $25k+ in debt. But seriously, they are some of the friendliest loans to work with if you are having problems paying them. But you HAVE to talk to the loan officer to work things out if you are having problems.

Maybe things have changed now, but when I use to sell cars some 10-12 years ago we could get a loan done for anyone including bankerupcy. But if we had someone who defaulted on their student loan they would get rejected everytime.
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beyurslf Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-15-04 02:44 PM
Response to Original message
8. I wouldn't worry.
You can defer them if you need to at any time. Consolidate them and the rate will be super low. I think mine is like 3.2 or something. You'll never get any loan for that amount at that low of a rate... and one you can defer if you ever lose your job. Can't beat it!
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