Friday, January 18, 2013

Let's Talk About Student Loans

I'm a pretty responsible person. I don't carry balances on my credit cards. I never pay anything late. I avoid financing fees when I pay my car insurance. I rarely ever buy anything new. I work. I don't overextend myself.

But I experienced a serious disconnect when I took out my student loans. The first time I needed money, I accepted only the subsidized amount. But later on I thought, how much interest can there be on these little student loans? And I took as much money as they would give me. When I wasn't working, I used it for living expenses.

The answer to my question above is: a lot!


That's higher than a mortgage rate.

So when I checked all this out I panicked a little.

And then I found out how much my monthly payment would be.

And I panicked a little more.

But I came up with a plan. It's not going to accomplish any miracles, but at least it's a plan and I can sleep at night knowing it's in place.

I want to save up six months of living expenses. When that's done, I will put every extra penny I have on the biggest unsubsidized loan I have. I've done my research. I know where my loans are and the percentage rates on each one. Now I have at least a modicum of control.

It might be twenty dollars a month. Some months it might not be anything. But I do have a plan. Now when I sell something on Ebay or in a consignment shop I can apply the money to a loan and feel a sense of accomplishment. Hopefully it won't take the typical ten years to pay them all off.

Also, if I get a chance to take a job as a school nurse, I will jump on it! If you work for a government entity, your payments are cancelled. Yes, CANCELLED.


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