10 Years Ago (1 Viewer)

[Josie]

Ten years ago, this happened:

On June 16, 2004, I started paying back my student loans totaling $63,562.39. The consolidation company estimated that I would make my final payment on June 16, 2034 - just shy of my 54th birthday.

They were wrong.

I just made the final payment today - 20.5 years early.

Happy 10 years without student loan debt to me!

 

[Mycroft]

Ten years ago, this happened:

On June 16, 2004, I started paying back my student loans totaling $63,562.39. The consolidation company estimated that I would make my final payment on June 16, 2034 - just shy of my 54th birthday.

They were wrong.

I just made the final payment today - 20.5 years early.

Happy 10 years without student loan debt to me!

Did you continue to pay during the COVID years? You know, when you didn't have to?

 

[Rexedgar]

Did you continue to pay during the COVID years? You know, when you didn't have to?

Do the math?

 

[Josie]

Did you continue to pay during the COVID years? You know, when you didn't have to?

I paid them off 10 years ago...........................................

 

[Moon]

Ten years ago, this happened:

On June 16, 2004, I started paying back my student loans totaling $63,562.39. The consolidation company estimated that I would make my final payment on June 16, 2034 - just shy of my 54th birthday.

They were wrong.

I just made the final payment today - 20.5 years early.

Happy 10 years without student loan debt to me!

Congrats!

 

[craig]

Did you continue to pay during the COVID years? You know, when you didn't have to?

Since the inception of the CARES Act, the Fraud Section has prosecuted over 200 defendants in more than 130 criminal cases and has seized over $78 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds.

 

[Bok Tuklo]

Did you continue to pay during the COVID years? You know, when you didn't have to?

 

[dmpi]

Congratulations! A lot of sacrifice and hard work on your part. I'm sure it must be a good feeling to get rid of that thing hanging over your head.

 

[Mycroft]

I paid them off 10 years ago...........................................

Ah yes...my mistake. I misread your post.

Good job!

 

[multivita-man]

Did you continue to pay during the COVID years? You know, when you didn't have to?

Reading is fun-da-ment-al

 

[Individual]

I paid as I went, the only loans I've ever had were 2 house loans in the U.S. both of which were paid in full and on time.
My youngest Daughter about to start on her MBA works and invests to pay without accumulating debt.

 

[HIP56948]

You are happy and wonderful. My wife and I will eat a lot of chocolate tonight. ..if she'll let me.

 

[Helix]

Congratulations!

 

[Grand Mal]

Ten years ago, this happened:

On June 16, 2004, I started paying back my student loans totaling $63,562.39. The consolidation company estimated that I would make my final payment on June 16, 2034 - just shy of my 54th birthday.

They were wrong.

I just made the final payment today - 20.5 years early.

Happy 10 years without student loan debt to me!

Slainte!

 

[gdgyva]

Since the inception of the CARES Act, the Fraud Section has prosecuted over 200 defendants in more than 130 criminal cases and has seized over $78 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds.

I bet there is fraud committed in every program the federal government has

What is your point?

The thread is about student loans...

 

[Lovebug]

You did well @Josie. Getting that albatross from around your neck must have felt great.

 

[dseag2]

Ten years ago, this happened:

On June 16, 2004, I started paying back my student loans totaling $63,562.39. The consolidation company estimated that I would make my final payment on June 16, 2034 - just shy of my 54th birthday.

They were wrong.

I just made the final payment today - 20.5 years early.

Happy 10 years without student loan debt to me!

 

[EdwinWillers]

 

[VySky]

Thanks for being a role model.

 

[Grogu]

Ten years ago, this happened:

On June 16, 2004, I started paying back my student loans totaling $63,562.39. The consolidation company estimated that I would make my final payment on June 16, 2034 - just shy of my 54th birthday.

They were wrong.

I just made the final payment today - 20.5 years early.

Happy 10 years without student loan debt to me!

If you don’t mind me asking, what exactly is a “consolidation company” and what bearing did they have on your loan payments?

 

[Ug make hammer]

The concept of student loans is justifiable by the higher wage/salary of graduates. I'm sure that works out fine for most students (they graduate, get a good job, can repay their loan) but there needs to be a safety net. Not all students do graduate, and of those that do, not all can get a good job in their chosen field. It's all very well to say that's their fault, but they're not the ones paying the interest margin on valid loans. "You can't get blood from a stone."

 

[Ug make hammer]

If you don’t mind me asking, what exactly is a “consolidation company” and what bearing did they have on your loan payments?

Lenders sell debt on, at a discount, to less ethical creditors. It costs them money but protects their reputation.

 

[Grogu]

Lenders sell debt on, at a discount, to less ethical creditors. It costs them money but protects their reputation.

What’s the advantage to the borrower? That’s why I asked Josie- I wanted to know what she gained by that.

 

[Ug make hammer]

What’s the advantage to the borrower? That’s why I asked Josie- I wanted to know what she gained by that.

I don't think the interests of the borrower are considered at all. But I'll leave your question for @Josie

 

[Josie]

What’s the advantage to the borrower? That’s why I asked Josie- I wanted to know what she gained by that.

I didn't have any help to pay for my schooling except a small scholarship and the PELL grant so I had all of the federal loans maxed out - sub and unsub. If I recall correctly, if I didn't consolidate them into one, I would've had to pay them back in 10 years and since I went into teaching, I thought I would need more time than that. The max for consolidation, I believe, was 30 years. So the total went into that company with a very low monthly payment for 30 years. I think my payment was $170ish a month. After a couple of years of just paying the minimum (and spending the rest of my money on stuff I didn't need), I started making huge payments (while also purchasing a car and a house in there too).