renaissance Posted January 9, 2009 Share Posted January 9, 2009 Ren - can you tell us about the loans? Were they guaranteed student loans? If so, who guaranteed them, the feds or the state, or somebody else? Did you get them on your own or did your parents have to co-sign? And what was the interest rate and the term roughly? Thanks! Pshaw, you think I know that much about my personal finances MTH?? I consolidated my 4 stafford loans which were at a 6.54% interest rate so it's now one loan at 4.75% rate. I have no idea if this is good or bad, but right before I graduated they pretty much told everyone to consolidate and lock in at that rate while we could. Link to comment Share on other sites More sharing options...
Mark The Homer Posted January 9, 2009 Share Posted January 9, 2009 Wow! That's a good rate. They must be guaranteed to be that low. And I assume it's a 10 year term. Link to comment Share on other sites More sharing options...
Skinsfan1311 Posted January 9, 2009 Share Posted January 9, 2009 I graduated w/ something like $20,000 in loans which I will be paying off probably until I retire at this rate, and I honestly have no idea what my parent's contrubution was.I'm of the opinion that you should choose a school you love and worry about finances later. Opportunies aside, advising someone to "worry about finances later" is not sage advice. Hold that thought and see if that statement still rings true when you're in your late 30's, with a mortage payment, car payment, day-to-day living expenses and kids of your own, and you're still paying on those loans. Now of course, I don't know you and you could have all of those things now, but I think you see my point. Worrying about finances later can be a dangerous strategy. Your credit is paramount to making life easier and being saddled with huge debt or, worse yet, debt that you can not handle pretty much ruin your life. You want an eye-opener? Ask you parents how much they shelled out. Think about it...assuming that they're in they're mid 40's to 50's, how old do you think that they will be before they pay off those loans? I'm in no way trying to be a dick, but that's reality. :2cents: College is not an entitlement, and it amazes me how flip that people are with their parents money. Not pointing you out, but the idea in general. This assumption that the parents are expected to pay for college. College tuition is such a scam, and the whole "get gifts", (i.e. hit up the parents and grandparents for money), thing is perpetuated even more by the colleges themselves. Don't get me wrong, I'm all for education, and I understand the unique opportunities, friendships and, hopefully, employment opportunities that attending college can afford. I'm just disgusted by the high cost of it and the cavalier attitudes about how, and who should pay for it. Link to comment Share on other sites More sharing options...
renaissance Posted January 9, 2009 Share Posted January 9, 2009 Wow! That's a good rate. They must be guaranteed to be that low. And I assume it's a 10 year term. According to the website I'll be done in 2021 :doh: Hopefully by that time I will have also accrued some grad school debt as well! :thumbsup: Link to comment Share on other sites More sharing options...
Mark The Homer Posted January 9, 2009 Share Posted January 9, 2009 According to the website I'll be done in 2021 :doh: Hopefully by that time I will have also accrued some grad school debt as well! :thumbsup:For a rate that low, I would think the longer the term, the better. I think that's an excellent rate and term. Congrats! Link to comment Share on other sites More sharing options...
KingGibbs Posted January 9, 2009 Share Posted January 9, 2009 Opportunies aside, advising someone to "worry about finances later" is not sage advice.Hold that thought and see if that statement still rings true when you're in your late 30's, with a mortage payment, car payment, day-to-day living expenses and kids of your own, and you're still paying on those loans. Now of course, I don't know you and you could have all of those things now, but I think you see my point. Worrying about finances later can be a dangerous strategy. Your credit is paramount to making life easier and being saddled with huge debt or, worse yet, debt that you can not handle pretty much ruin your life. You want an eye-opener? Ask you parents how much they shelled out. Think about it...assuming that they're in they're mid 40's to 50's, how old do you think that they will be before they pay off those loans? I'm in no way trying to be a dick, but that's reality. :2cents: College is not an entitlement, and it amazes me how flip that people are with their parents money. Not pointing you out, but the idea in general. This assumption that the parents are expected to pay for college. College tuition is such a scam, and the whole "get gifts", (i.e. hit up the parents and grandparents for money), thing is perpetuated even more by the colleges themselves. Don't get me wrong, I'm all for education, and I understand the unique opportunities, friendships and, hopefully, employment opportunities that attending college can afford. I'm just disgusted by the high cost of it and the cavalier attitudes about how, and who should pay for it. Damn Rick. I see why your kids have grown up to be good citizens. Very, very sound advice and you clearly get the point across. BTW. In response to your previous post. We've been very fortunate with our kids. We've had very little trouble with them and I think it's due to our ability to communicate with them. We have always quizzed them on where they are going, whom they are hanging with and made them understand what the consequences would be if they screwed up. It also helped that we gave them a long enough leash w/out them feeling like we were breathing down their throat. There's A LOT of bad parenting out there and I think the biggest problem out there is lack of communication. It's goes a long way in your children's future endeavors. Link to comment Share on other sites More sharing options...
renaissance Posted January 9, 2009 Share Posted January 9, 2009 Opportunies aside, advising someone to "worry about finances later" is not sage advice.Hold that thought and see if that statement still rings true when you're in your late 30's, with a mortage payment, car payment, day-to-day living expenses and kids of your own, and you're still paying on those loans. Now of course, I don't know you and you could have all of those things now, but I think you see my point. Worrying about finances later can be a dangerous strategy. Your credit is paramount to making life easier and being saddled with huge debt or, worse yet, debt that you can not handle pretty much ruin your life. You want an eye-opener? Ask you parents how much they shelled out. Think about it...assuming that they're in they're mid 40's to 50's, how old do you think that they will be before they pay off those loans? I'm in no way trying to be a dick, but that's reality. :2cents: College is not an entitlement, and it amazes me how flip that people are with their parents money. Not pointing you out, but the idea in general. This assumption that the parents are expected to pay for college. College tuition is such a scam, and the whole "get gifts", (i.e. hit up the parents and grandparents for money), thing is perpetuated even more by the colleges themselves. Don't get me wrong, I'm all for education, and I understand the unique opportunities, friendships and, hopefully, employment opportunities that attending college can afford. I'm just disgusted by the high cost of it and the cavalier attitudes about how, and who should pay for it. Well, I am a spoiled kid and my parents pay for everything I have, so be a dick all you want Link to comment Share on other sites More sharing options...
haithman Posted January 9, 2009 Share Posted January 9, 2009 He's a freshman at Wharton. That's the total expense not just tuition/room & board. Princeton offered him a Discount, and Hofstra offered him a free ride, but he chose Wharton. I also attend Wharton. Wow thats like an extra 7-8k in expenses a year! I understand though it is ridiculously expensive Link to comment Share on other sites More sharing options...
renaissance Posted January 9, 2009 Share Posted January 9, 2009 In all seriousness, my parents are both accountants and we have always been taught not to live beyond our means. Thanks to their example, I never have. The only "debt" I have ever had is my student loans. I worked through high school and college and have always been good at managing MY OWN money. I won't deny that I'm lucky to have parents that let me go to basically whatever school I wanted, but I never would have asked them to pay for a GWU or some other $40,000 per year school. And they did not go in to debt to finance my education. Link to comment Share on other sites More sharing options...
Mark The Homer Posted January 9, 2009 Share Posted January 9, 2009 On a related note: http://www.walletpop.com/specials/best-and-worst-public-school-systems-in-us edit: ****, it's public schools. Nevermind. Link to comment Share on other sites More sharing options...
Skinsfan1311 Posted January 9, 2009 Share Posted January 9, 2009 Well, I am a spoiled kid and my parents pay for everything I have, so be a dick all you want LOL! Will do! Link to comment Share on other sites More sharing options...
Skinsfan1311 Posted January 9, 2009 Share Posted January 9, 2009 Damn Rick. I see why your kids have grown up to be good citizens. Very, very sound advice and you clearly get the point across.BTW. In response to your previous post. We've been very fortunate with our kids. We've had very little trouble with them and I think it's due to our ability to communicate with them. We have always quizzed them on where they are going, whom they are hanging with and made them understand what the consequences would be if they screwed up. It also helped that we gave them a long enough leash w/out them feeling like we were breathing down their throat. There's A LOT of bad parenting out there and I think the biggest problem out there is lack of communication. It's goes a long way in your children's future endeavors. Thanks! Our parenting is a direct reflection on how we were raised. I could talk to my parents about anything, and our kids can, (and do), talk to us about anything. If you can get your kids to have values, be respectful, honest, and do unto others, than you've done well. Link to comment Share on other sites More sharing options...
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