Student Loans

[PBRstreetgang]

Don't be a puss,
"The Legionnaire is a volunteer.
Most often, he has come to the Legion to escape from his past.
Generally, he has joined because of a personal or family crisis or an upheaval in his social or political life. Striking examples of this can be found in the mass enlistment of Alsatians after 1871, of Spaniards in 1939 and of Eastern Europeans after 1945.
For others, those who are unable to deal with the limitations of a middle-class life, the Legion represents a life of adventure."
http://french-foreign-legion.com/
PBR
P.S. You will get some hair on your jewels.

 

[JustaNumber]

Any ideas on how to reduce monthly payments or renegotiate the terms of a private loan used for flight training? I took out a Key Alternative Loan and the monthly payments suck right now even with the variable interest rates being low. I can't imagine what it will balloon to when the rates start going back up. I was wondering if anyone has had any success renegotiating terms, refinancing, or consolidating a private student loan.

Sorry I don't have too many suggestions, other than you need to find ANY way to get out of the variable rate, even if it's to a significant higher fixed rate. Rates within the year WILL have to go up, and I believe by a great deal.

 

[on autopilot]

I have excellent credit actually. I've never missed a payment.

How did you pay the student loan with a credit card? The only option I have is to use a checking account to pay the student loan. They require a routing number and account number. I asked about paying with a credit card and they said they don't accept it.

I'm going to look into consolidating the loan but I'm afraid I won't have much luck. Securing a private loan to pay off a variable interst "private student loan" over 60k is gonna prove difficult in today's environment.

These student loans are like prison.

Yea like, who's the chick in your avatar? Also, bout the student loan thing, do a ch. 7 if you get in deep finacially, but you gotta convince a judge it's just a private loan, not an education loan. They may give you a hardship discharge. other than that, your stuck with it or follow the advice of some of the other posters on here.

 

[joeywoofwoof]

These days the credit card shuffle is over, transfer to 0% interest for 12 months, then transfer again- ultimately paying zero interest. That worked wonders for me a few years ago- luckily I am debt free now, minus a mortgage. but with 4.5% interest on that I'm set. Just have to discipline myself not to use cc's except during my trips, which I pay off in full every month.

 

[JettBoii]

Buy a (used) riding mower, weedeater, blower, yard gloves, small shovel and hedge trimmers. Work your arse off while you enjoy your 3 days at home. 40 bucks a yard. Work up to 5 a day for 3 days straight. 600 for 3 days work. 2400$ a month. 28K a year. Help pay your loan off. Write off all of your lawn equipment. I'm just sayin.

 

[robair73]

Buy a (used) riding mower, weedeater, blower, yard gloves, small shovel and hedge trimmers. Work your arse off while you enjoy your 3 days at home. 40 bucks a yard. Work up to 5 a day for 3 days straight. 600 for 3 days work. 2400$ a month. 28K a year. Help pay your loan off. Write off all of your lawn equipment. I'm just sayin.

Too funny . . .

 

[chignutsak]

Don't walk away from your obligation. The stink will follow you around for the rest of your life. Even when (if) it drops off your credit history, some day you will be asking for a good job and they will ask you in their BI questions like "have you ever BK'd or defaulted?"

 

[777forever]

Buy a (used) riding mower, weedeater, blower, yard gloves, small shovel and hedge trimmers. Work your arse off while you enjoy your 3 days at home. 40 bucks a yard. Work up to 5 a day for 3 days straight. 600 for 3 days work. 2400$ a month. 28K a year. Help pay your loan off. Write off all of your lawn equipment. I'm just sayin.

Another idea: open an eBay seller account. Sell as much of your useless junk as you can to gain experience and seller rating. Next, go on to Craigslist and look for bargains that you can flip on eBay for profit like iPods, Wii's etc. Or, you can sell other people's junk on eBay. Preferably stuff that will sell for over $75. Charge them 30% for your services.

 

[SKYWRJGUY]

Dumb guy question: Is a Sallie Mae consolidation [assumption] possible? Mine is at 3.25% there (had to finance a little school as an FO) done in 2005. We'll see if school starts paying dividends [sic] soon...