Your world just got a little better...maybe.

http://newsok.com/repaying-student-loans-gets-easier/article/3475611


IBR keeps monthly payments at a reasonable portion of income by stretching repayment over a longer period. But if you're paying off the loan sooner than 25 years anyway, the total cost of your loan would be higher.

Twenty five years? OMG!!!

Kids are getting raped huge by colleges and face years of servitude.

Some people have crazy student loan numbers, I didn't get off that bad. I owed $18k before I sent in a grand last month. I don't have to start paying mine for awhile so I want to get them down. I'll probably pay another $3k-$4k on them this year.

Sucks I would have bought a brand new truck last year if I didn't have them, thats my truck payment.

The nice part is I can write off a lot of them.

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1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200

I havent had to get a student loan yet... not yet. I'm trying to go as long as possible without getting one.

scholarships are hard to get for my demographic..

Payed mine off last month! just a truck and a tool box to go!

Suppose ill go find me a house next, i need one of those for myself.....

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87' 300D, Currently undergoing an OM606 swap/build! SUPERTURBO!!!
03' 2500HD Dmax + goodies!
82' 300SD, parting out!
93' 300TE 4matic, parting out!
83' 240D Project Cheap Drive
89' 300E, parting out!
74' Datsun 510 wagon
88' RX7 10thAE, 13B track car build soon

Skippy~ As for perception: Drive what you like and can afford. Those who don't like it can supply vacuum to one of your components. LOL

If you need parts, I have some!

That change helps me immensely seeing as I don't make a whole lot and don't think that will change for quite a while. Right now I'm able to swing paying for school without any new loans whatsoever (thank goodness for owning my own cars) but the ol' undergrad pile never goes away....

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TC
Current stable:
- 2004 Mazda RALLYWANKEL
- 2007 Saturn sky redline
- 2004 Explorer...under surgery.

Past: 135i, GTI, 300E, 300SD, 300SD, Stealth

I would attack my student loans with a vengeance in all frankness, if I had the disposable money to do so as a younger person. Financial responsibilities will only grow in other areas of your life. But I despise debt in the drag it creates on your life with interest payments, when you could spend that money on other stuff.

It's good that this "safety net" is available, but I agree that the best thing to do with any debt is to pay it off as aggressively as possible.

Glad to hear that Tom. But man, these expensive private prestige schools churning out poli sci and history majors (I was one myself) with IOU's of 80-100 k in some cases are reallly, reallly crushing those they profess to be helping to grow!

Now that the federal gov't. has gone all in, by taking over the student loan business from banks, schools now have less incentive than ever to hold tuition costs down. Costs aren't controlled when a third party pays the tab. The Govt. will streeeeeetch terms and tweak rates to a fare the well, and the schools will keep raising the ante. Whether federal grants will grow I suppose depends on who stays in power and for how long. Caught in the middle are hapless students and parents. In my humble opinion, that's unconscionable. I quit giving to my University years ago. Young folks like you just starting out with your own past tuition loans to address will find it impossible to save for your children's education coming at you 18-20 years down the road. An impossible situation for many in your generation.

Oh well, maybe a college degree is the next "right" coming down the Pike, and it will somehow be paid by the goverment ,err, no, I mean the rich, errr no, I mean the Chinese,err, no...........

If you're not white and/or your parents don't bother working, its already paid for by the government or non-profits. I know some people who waited a few years before they went to college so they could qualify for FAFSA.

My girlfriend's father makes a boat load of money but refuses to help her out for one penny for her education. Because of his income, she doesn't qualify for aid, works nearly full time, and some how pays for her school every semester. He does put a roof over her head and gives very short term loans if she's a little short to pay for the semester or books, though.

I was very fortunate to have a family with enough means to provide for my college education (what little good it did for me, other than give me time to figure out what I wanted to do). I couldn't imagine living with a large student loan looming over my head while I was first starting out.

Too many people dive into the "full college experience" and come out never working a day in their lives and 50k in debt, expecting a good job despite no real experience.

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1985 500SL Euro w/ AMG bits 130k
1984 300SD Turbodiesel 192k
1980 240D Stick China 188k
2001 CLK55 AMG 101k
2007 S600 Biturbo 149k Overheated Project, IT'S ALIVE!!!

Personally, if I wanted to attend college, I would pay go my schooling if it were up to me - even if I lived with my Mom and Dad. Unfortunately, my Parents insisted on paying by cash flowing for everything but spending money. They did not believe saddling their kids with school loans would help them succeed after they graduated - and, most importantly they could cash flow it. The limit was one four year degree, after that they were out on the deal. My folks were standout unusual, versus buddies of mine's folks when it came to providing for me and my Brothers on the education front.

I only know personally one guy that cash flowed his own bachelor's degree by working 40 to 60 hours a week. He graduated in four years too. I don't know if he lived with his folks while doing so, he's quite the motivated risk taker, so it's hard to say without asking him.

Thats the problem these days, if your white and middle class you get zero help. Everyone else gets a free ride.

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1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200

Your girlfriend is very fortunate to be involved in providing for herself, and her future. i.e. her Dad whether he knows it or not, is giving her basic training in providing for herself, even though she lives under a roof he provides.

As far as your present assessment of what little good your college education did for you? I could write a chapter on the number of ways it affects you and your future. Mostly good BTW.

I was brought up in a time and place and in a way by parents where I was sheltered from even knowing about government programs. The extensive welfare state of our country was just getting going in the summer of 1965 under a democrat president. I'm glad I didn't have knowledge of how to work the system to get ahead as a young person. I was just starting in high school in 1965.

I was able to pay my own way through undergrad college in the 70s because it was cheap and I was able to live with the parents. At the time, my tuition was only about $2-3000 per year. I was actually able to earn enough working for minimum wage all summer and as much as possible during the school year. I don't know if it would be possible to do that today because tuition has increased much more quickly than the earning potential of an unskilled teenager. I don't know if doing it that way was good or bad, but you do what you have to do. I do know that I delayed going to grad school because I was tired of being broke.

I've decided that I will simply pay for whatever education my kids want. I do not want them to have any loans and it is hard enough to excel in school without having to worry about paying your tuition. I agree that paying for education without loans is becoming increasingly difficult for the "middle class" who do not qualify for any type of aid.

As testament to our parent's belief in helping their kids, my older Brother was provided a one bedroom apartment in one of our folk's apartment buildings they owned - at a steep discount while he attended college post bachelors degree. He was trying to decide whether he was going to pursue a law degree or an MBA. He had returned from serving his stint as a 2nd Lieutenant in the U.S. Army, was in his mid-20s, and was taking courses necessary to get his teaching certificate in the state of Nebraska. He eventually after many months of soul searching pursued his Masters Degree and Doctorate in Occupational Therapy at universities hundreds of miles away from Omaha on his own dime. He always worked while all his education was underway - post Bachelors Degree. I believe our folks were more than fair went it came to schooling for us kids.

Believe me, I'm chipping away at my $50k as fast as possible

I'm not consolidating, nor will I draw it out. I hope to get it all paid in a couple of years

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1982 240D, sold 9/17/2008
1987 300D TurboW124.133 - 603.960, 722.317 - Smoke Silver Metallic / Medium Red (702/177), acquired 8/15/2009
262,715 and counting