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How much per month to loans if u owe 230k?
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Date: May 11th, 2012 5:27 PM Author: drunken native genital piercing All federal. About 1/3 at 6.8, 2/3 at 8.5. This is in NYC. Took out bar loan too but at 0%. What to do? How much per month is doable? (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20671259) |
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Date: May 11th, 2012 5:32 PM Author: Frozen Property Friendly Grandma pay minimum on 25 year plan (~$1900), which will essentially be an interest-only payment, for the first year and build up savings (as in dont blow it all going out all the time.) if you get laid off as a first year for whatever reason, you are at your most unmarketable. Once youre a second year, 15 months later, shift into hyperdrive and start paying $5500 month for the next four years. You wont save much beyond what you did your first year, and there's obviously still the risk of being laidoff before year 5, but each year you make it through, you become more and more marketable/able to maintain a consistent salary level. (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20671281) |
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Date: May 11th, 2012 8:33 PM Author: wonderful goal in life cr, except he can go on IBR and pay 0 for the first year or pay the same amount but only toward 8.5 principal (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672297) |
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Date: May 11th, 2012 8:35 PM Author: Frozen Property Friendly Grandma true but people are assuming ibr is frictionless. in reality, it requires a shitload of time, paperwork, and armpulling (during which interest is accruing and savings is depleting) before the DOE accepts it. It's easier to plan for the non-IBR route accordingly and keep that only as an absolute fail-safe (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672309) |
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Date: May 11th, 2012 8:50 PM Author: wonderful goal in life It was easy for me. The paper work is like 1.5 pages and takes about 90 seconds to fill out. Attach tax return. Fax it in using faxzero.com
I faxed it like every other day for like 10 days (takes 15 seconds to do this)
Filed a complaint with the student loan ombudsman and BBB for good measure (took less than 10 minutes total)
They were calling me up begging to get the thing done. I have no idea if all of this was even necessary at all, but I wanted to make sure they accepted it the way I wanted them to (using previous year AGI).
EDIT: plus if you have subsidized staffords they will be interest free for a couple years |
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Date: May 11th, 2012 8:53 PM Author: Frozen Property Friendly Grandma and now your monthly is 0? congrats bro. the only risk is all that negative amortization you'll be faced with if the plan gets pulled or you start earning again; but short-term, you got to do what you have to do. (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672429) |
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Date: May 11th, 2012 9:30 PM Author: beady-eyed philosopher-king cuckoldry except your interest would capitalize. you should at least pay interest.. (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672726) |
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Date: May 11th, 2012 8:48 PM Author: fiercely-loyal turquoise messiness I thought there was a federal cap? (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672393) |
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Date: May 11th, 2012 8:49 PM Author: Frozen Property Friendly Grandma thats on staffords, not GP. why would they give up making that spread? (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672398) |
Date: May 11th, 2012 5:29 PM Author: Beta White Sandwich As much as possible on those 8.5s, minimums on everything else. (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20671272) |
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Date: May 11th, 2012 5:30 PM Author: drunken native genital piercing So take 30 year plan and dont consolidate right? (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20671273) |
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Date: May 11th, 2012 5:31 PM Author: Beta White Sandwich Yes. Do NOT think of moving them to private even for lower interest. (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20671278) |
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Date: May 11th, 2012 7:51 PM Author: Cocky Cracking Toilet Seat highly unlikely the OP will ever pay this off.. just stop making payments (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672046) |
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Date: May 11th, 2012 8:23 PM Author: Self-centered Geriatric Voyeur ibr? (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672239) |
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Date: May 11th, 2012 8:28 PM Author: Cocky Cracking Toilet Seat still he is going to be paying forever.. it is just fucking pathetic (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672265) |
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Date: May 11th, 2012 8:28 PM Author: Puce office what if he gets BIGLAW? (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672268) |
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Date: May 11th, 2012 8:29 PM Author: Cocky Cracking Toilet Seat needs to stay in BIGLAW at least 6-7 years to have a chance.. his interest rate is just to fucking high.. that is like 15k a year just in interest or something..
just IBR them.. i calculated it and on IBR he pays 420 a month for 25 years.. by age 55 he is HOME FREE and ready to enjoy life bros |
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Date: May 11th, 2012 8:30 PM Author: Puce office lol @ being free at age 55... (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672284) |
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Date: May 11th, 2012 8:36 PM Author: Frozen Property Friendly Grandma 5 years, not 6-7 (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672316) |
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Date: May 11th, 2012 8:38 PM Author: Puce office No way, 230K + interest for 5 years is like 280K. That would mean paying almost 60K a year. (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672324) |
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Date: May 11th, 2012 8:40 PM Author: Frozen Property Friendly Grandma 66k starting year 2, which is doable in biglaw, provided youre frugal (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672337) |
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Date: May 11th, 2012 8:43 PM Author: Puce office This is possible but unlikely in most cities where BIGLAW is available.
Take home on 170K is (at most) 100K. That leaves 34K, or less than 3K a month for all expenses. This means living very frugal. |
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Date: May 11th, 2012 8:44 PM Author: Frozen Property Friendly Grandma takehome is ~105k for second years. leaves 3200/mo and climbs lockstep every year (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672367) |
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Date: May 11th, 2012 8:46 PM Author: Puce office it's not 105K in manhattan. (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672375) |
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Date: May 11th, 2012 8:47 PM Author: Frozen Property Friendly Grandma no 401k contribution (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672387) |
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Date: May 11th, 2012 8:48 PM Author: Puce office and no health insurance? (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672394) |
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Date: May 11th, 2012 8:51 PM Author: Frozen Property Friendly Grandma with health insurance (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672413) |
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Date: May 11th, 2012 8:52 PM Author: Puce office I am suspect of these numbers (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672420) |
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Date: May 11th, 2012 8:54 PM Author: Frozen Property Friendly Grandma well, are you a second year in mfh? (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672442) |
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Date: May 11th, 2012 9:00 PM Author: Cocky Cracking Toilet Seat the fact is most BIGLAW associates, esp in MFH, are HORRIBLE with money even when they have 200k in debt and so they barely save anything or make big loan payments.. its all stupid shit they buy (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672485) |
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Date: May 11th, 2012 9:09 PM Author: Mauve mind-boggling trump supporter personal credit line I am a second year in Manhattan. My take home (after taxes, health insurance, and Metrocard) is a little over $8,500 per month, or about $102,500 per year. Plus about $2,500 extra over the last four months when I'm no longer paying SS. That's almost exactly 105k. I will take home about 6k from bonus. And my refund will be about 4k. About 115k all in (no 401k contributions). (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672558) |
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Date: May 11th, 2012 9:15 PM Author: Frozen Property Friendly Grandma and by no longer paying SS, you mean you hit your yearly contribution limit? (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672594) |
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Date: May 11th, 2012 9:18 PM Author: Mauve mind-boggling trump supporter personal credit line That's right. I'll hit it around August. (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672614) |
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Date: May 11th, 2012 9:22 PM Author: Frozen Property Friendly Grandma ty for your contributions to this thread brother (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672649) |
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Date: May 11th, 2012 9:28 PM Author: Mauve mind-boggling trump supporter personal credit line No problem brother, I figured I was in a unique position to help. Strange for the pumo you were arguing with to state incorrect facts so arrogantly. (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672709) |
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Date: May 11th, 2012 8:28 PM Author: Beta White Sandwich They will garnish your entire life, seize bank accounts, garnish SS. (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672266) |
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Date: May 11th, 2012 8:32 PM Author: Cocky Cracking Toilet Seat he shld just wait for the bailout.. it will come.. eventually IBR will be everyone pays 10 years and they are forgiven (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672292) |
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Date: May 11th, 2012 8:37 PM Author: Beta White Sandwich No, it won't. (http://www.autoadmit.com/thread.php?thread_id=1946298&forum_id=2#20672319) |