Student loan payments: Actual numbers

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El Pollito
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Re: Student loan payments: Actual numbers

Postby El Pollito » Mon Jul 25, 2016 4:49 pm

on another phone call

this guy thinks he's gonna fix it! LOL

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El Pollito
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Re: Student loan payments: Actual numbers

Postby El Pollito » Mon Jul 25, 2016 4:55 pm

oh i see they're going to keep me on hold until i hang up

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JohannDeMann
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Re: Student loan payments: Actual numbers

Postby JohannDeMann » Mon Jul 25, 2016 5:52 pm

El Pollito wrote:
El Pollito wrote:ahahahaha they want me to reapply and try this again because some fucker on their end fucked up

LOLOLOLOL

fuck you whoever recommended repaye

just in case anyone cares the result is

1. yes we fucked up

2. yes we cost you thousands of dollars

3. no we can't fix it

4. you can reapply and be in forbearance for months

5. or how about we put you back on your original repayment plan?

i hope someone sues these fucks


damn. this is the first snag ive seen with government repayment plans. relying on government workers to be competent.

this was a serious miscalculation on my part and i thought computers would be doing everything for them/us. not sure i can endorse (RE)PAYE anymore given this.

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El Pollito
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Re: Student loan payments: Actual numbers

Postby El Pollito » Mon Jul 25, 2016 6:25 pm

JohannDeMann wrote:
El Pollito wrote:
El Pollito wrote:ahahahaha they want me to reapply and try this again because some fucker on their end fucked up

LOLOLOLOL

fuck you whoever recommended repaye

just in case anyone cares the result is

1. yes we fucked up

2. yes we cost you thousands of dollars

3. no we can't fix it

4. you can reapply and be in forbearance for months

5. or how about we put you back on your original repayment plan?

i hope someone sues these fucks


damn. this is the first snag ive seen with government repayment plans. relying on government workers to be competent.

this was a serious miscalculation on my part and i thought computers would be doing everything for them/us. not sure i can endorse (RE)PAYE anymore given this.

i've also been really on top of it and have called multiple times a month, sometimes multiple times a day. i just now got a formal apology and complaint filed on my behalf bc i spoke to a non-retard, but doesn't sound like they're offering to return my accrued interest of course.

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Stringer6
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Re: Student loan payments: Actual numbers

Postby Stringer6 » Wed Jul 27, 2016 5:09 pm

I realize that this has been discussed many, many times in this thread, but I don't want to go back and find the answer.

I have significant debt (6 figures) and refinanced.

Is the consensus approach to build an emergency fund and then throw all extra cash at the loans (i.e., don't even contribute to 401(k))?

Thanks in advance.

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JohannDeMann
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Re: Student loan payments: Actual numbers

Postby JohannDeMann » Wed Jul 27, 2016 5:12 pm

Stringer6 wrote:I realize that this has been discussed many, many times in this thread, but I don't want to go back and find the answer.

I have significant debt (6 figures) and refinanced.

Is the consensus approach to build an emergency fund and then throw all extra cash at the loans (i.e., don't even contribute to 401(k))?

Thanks in advance.


whats the debt load? 100K or 280K? whats your interest rate? are you in a market where a downpayment is possible? how long are you planning to stay in biglaw?

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Stringer6
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Re: Student loan payments: Actual numbers

Postby Stringer6 » Wed Jul 27, 2016 5:18 pm

JohannDeMann wrote:
Stringer6 wrote:I realize that this has been discussed many, many times in this thread, but I don't want to go back and find the answer.

I have significant debt (6 figures) and refinanced.

Is the consensus approach to build an emergency fund and then throw all extra cash at the loans (i.e., don't even contribute to 401(k))?

Thanks in advance.


whats the debt load? 100K or 280K? whats your interest rate? are you in a market where a downpayment is possible? how long are you planning to stay in biglaw?


I'm around $160k with a 4.075% interest rate. BUT my wife has about $60k of debt at a higher rate (not refinanced).

I don't understand what you mean by downpayment. like on a house? lol no.

No plans on leaving in the near future.

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Desert Fox
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Re: Student loan payments: Actual numbers

Postby Desert Fox » Wed Jul 27, 2016 5:23 pm

Chicken, why are you on RePAYE instead of PAYE. Aren't you paying that shit down?

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JohannDeMann
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Re: Student loan payments: Actual numbers

Postby JohannDeMann » Wed Jul 27, 2016 5:28 pm

Stringer6 wrote:
JohannDeMann wrote:
Stringer6 wrote:I realize that this has been discussed many, many times in this thread, but I don't want to go back and find the answer.

I have significant debt (6 figures) and refinanced.

Is the consensus approach to build an emergency fund and then throw all extra cash at the loans (i.e., don't even contribute to 401(k))?

Thanks in advance.


whats the debt load? 100K or 280K? whats your interest rate? are you in a market where a downpayment is possible? how long are you planning to stay in biglaw?


I'm around $160k with a 4.075% interest rate. BUT my wife has about $60k of debt at a higher rate (not refinanced).

I don't understand what you mean by downpayment. like on a house? lol no.

No plans on leaving in the near future.


it depends on your risk tolerance. but yeah at 4% it might be worth paying down ASAP if for no other reason than to refi and get a rate in the 2s. I believe people here were getting rates in the high 2s recently. id still contribute to 401K some, but you shouldnt feel bad about not maxing it out since there's no employer match. i'd refi your wife's rate too and cosign on that or whatever to get as low a rate as possible.

220K isn't terrible and can probably be paid off in 4 years if you are very aggressive. but my long term play would be to pay aggressively until you can get a 10year refi rate in the high 2s, then do that, make minimum payments and put some money in the 401k/ savings/ stocks etc.

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El Pollito
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Re: Student loan payments: Actual numbers

Postby El Pollito » Wed Jul 27, 2016 5:30 pm

Desert Fox wrote:Chicken, why are you on RePAYE instead of PAYE. Aren't you paying that shit down?

i don't qualify for PAYE

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El Pollito
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Re: Student loan payments: Actual numbers

Postby El Pollito » Wed Jul 27, 2016 5:31 pm

wow they finally fixed my repayment plan after like 10 phone calls

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Stringer6
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Re: Student loan payments: Actual numbers

Postby Stringer6 » Wed Jul 27, 2016 5:35 pm

JohannDeMann wrote:
Stringer6 wrote:
JohannDeMann wrote:
Stringer6 wrote:I realize that this has been discussed many, many times in this thread, but I don't want to go back and find the answer.

I have significant debt (6 figures) and refinanced.

Is the consensus approach to build an emergency fund and then throw all extra cash at the loans (i.e., don't even contribute to 401(k))?

Thanks in advance.


whats the debt load? 100K or 280K? whats your interest rate? are you in a market where a downpayment is possible? how long are you planning to stay in biglaw?


I'm around $160k with a 4.075% interest rate. BUT my wife has about $60k of debt at a higher rate (not refinanced).

I don't understand what you mean by downpayment. like on a house? lol no.

No plans on leaving in the near future.


it depends on your risk tolerance. but yeah at 4% it might be worth paying down ASAP if for no other reason than to refi and get a rate in the 2s. I believe people here were getting rates in the high 2s recently. id still contribute to 401K some, but you shouldnt feel bad about not maxing it out since there's no employer match. i'd refi your wife's rate too and cosign on that or whatever to get as low a rate as possible.

220K isn't terrible and can probably be paid off in 4 years if you are very aggressive. but my long term play would be to pay aggressively until you can get a 10year refi rate in the high 2s, then do that, make minimum payments and put some money in the 401k/ savings/ stocks etc.


I appreciate the thoughtful response. To be clear, I have the 4% because I refinanced -- are you saying that I can refinance again at a later date?

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JohannDeMann
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Re: Student loan payments: Actual numbers

Postby JohannDeMann » Wed Jul 27, 2016 5:44 pm

Stringer6 wrote:
JohannDeMann wrote:
Stringer6 wrote:
JohannDeMann wrote:
Stringer6 wrote:I realize that this has been discussed many, many times in this thread, but I don't want to go back and find the answer.

I have significant debt (6 figures) and refinanced.

Is the consensus approach to build an emergency fund and then throw all extra cash at the loans (i.e., don't even contribute to 401(k))?

Thanks in advance.


whats the debt load? 100K or 280K? whats your interest rate? are you in a market where a downpayment is possible? how long are you planning to stay in biglaw?


I'm around $160k with a 4.075% interest rate. BUT my wife has about $60k of debt at a higher rate (not refinanced).

I don't understand what you mean by downpayment. like on a house? lol no.

No plans on leaving in the near future.


it depends on your risk tolerance. but yeah at 4% it might be worth paying down ASAP if for no other reason than to refi and get a rate in the 2s. I believe people here were getting rates in the high 2s recently. id still contribute to 401K some, but you shouldnt feel bad about not maxing it out since there's no employer match. i'd refi your wife's rate too and cosign on that or whatever to get as low a rate as possible.

220K isn't terrible and can probably be paid off in 4 years if you are very aggressive. but my long term play would be to pay aggressively until you can get a 10year refi rate in the high 2s, then do that, make minimum payments and put some money in the 401k/ savings/ stocks etc.


I appreciate the thoughtful response. To be clear, I have the 4% because I refinanced -- are you saying that I can refinance again at a later date?


yes desert fox if you want to do a search refinanced at least twice. jendarby is looking into a second refinance.

the lower your principal or shorter term, the less risky a borrower you are, so lenders will give you a lower interest rate. so if you are on 10 year right now but then decide after 14 months of payments and a pay bump you are more comfortable with a larger monthly payment, you can refi your lower principal to a 5 year rate for less interest or just leave it at 10 years for a lower interest rate). def save up a nest egg and dont pay every penny you have to the loans, but its a thought and opportunity for later since i have seen lower rates on these boards.

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JenDarby
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Re: Student loan payments: Actual numbers

Postby JenDarby » Wed Jul 27, 2016 5:45 pm

Stringer, re refinance with First Republic ASAP. I'm in the process of doing a 10 year re re finance at 2.95% fixed coming down from 4.4% variable after 1.yrs, and then I'm going to build up savings and worry less about paying it down ASAP. But wait until my re refinance is complete so I can give you my referral code (we'd both get $200).

Oh, and congrats on getting married!!

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Stringer6
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Re: Student loan payments: Actual numbers

Postby Stringer6 » Wed Jul 27, 2016 6:46 pm

Thanks, johann and JD. And thanks for the congrats, JD!

Should I still do the second refi if I've only been paying according to the plan since refinancing the first time (i.e., I haven't been paying it down above what is required)?

Also, I have about $50k in savings right now. I think $25k is sufficient for an emergency fund under the circumstances. Should I just throw the remaining $25k at my wife's debt immediately, or wait until after we refinance that debt? Or does the timing not matter?

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Stringer6
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Re: Student loan payments: Actual numbers

Postby Stringer6 » Wed Jul 27, 2016 6:54 pm

Stringer6 wrote:Thanks, johann and JD. And thanks for the congrats, JD!

Should I still do the second refi if I've only been paying according to the plan since refinancing the first time (i.e., I haven't been paying it down above what is required)?

Also, I have about $50k in savings right now. I think $25k is sufficient for an emergency fund under the circumstances. Should I just throw the remaining $25k at my wife's debt immediately, or wait until after we refinance that debt? Or does the timing not matter?


Just wanted to make sure everyone knows every detail about my personal finances :)

ontopoftheworld
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Re: Student loan payments: Actual numbers

Postby ontopoftheworld » Fri Aug 05, 2016 8:04 pm

What is a bar loan and why do you need it?

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Danger Zone
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Re: Student loan payments: Actual numbers

Postby Danger Zone » Fri Aug 05, 2016 8:07 pm

ontopoftheworld wrote:What is a bar loan and why do you need it?

Student loans end in May and job starts in the fall. What do you get during the summer? A bar loan!

Except don't. It's expensive. Find another way to finance your summer (no, not credit cards either).

ontopoftheworld
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Re: Student loan payments: Actual numbers

Postby ontopoftheworld » Fri Aug 05, 2016 8:07 pm

if youre working for government and is eligible for the Public Service Loan Forgiveness..or is planning this route..
is it all that dumb to spend loans on COA and other things like traveling..

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Re: Student loan payments: Actual numbers

Postby Anonymous User » Fri Aug 05, 2016 8:08 pm

Danger Zone wrote:
ontopoftheworld wrote:What is a bar loan and why do you need it?

Student loans end in May and job starts in the fall. What do you get during the summer? A bar loan!

Except don't. It's expensive. Find another way to finance your summer (no, not credit cards either).


I would use my leftover from COA loans to finance my bar related stuff.. I would have 10k left after paying tuition, rent, food, parking, car.

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Danger Zone
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Re: Student loan payments: Actual numbers

Postby Danger Zone » Fri Aug 05, 2016 8:11 pm

Anonymous User wrote:
Danger Zone wrote:
ontopoftheworld wrote:What is a bar loan and why do you need it?

Student loans end in May and job starts in the fall. What do you get during the summer? A bar loan!

Except don't. It's expensive. Find another way to finance your summer (no, not credit cards either).


I would use my leftover from COA loans to finance my bar related stuff.. I would have 10k left after paying tuition, rent, food, parking, car.

Yeah I did a combo of this and credit cards, and really regretted the latter (but did not regret the sweet Euro trip I got out of it).

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Re: Student loan payments: Actual numbers

Postby Anonymous User » Fri Aug 05, 2016 8:18 pm

Danger Zone wrote:
Anonymous User wrote:
Danger Zone wrote:
ontopoftheworld wrote:What is a bar loan and why do you need it?

Student loans end in May and job starts in the fall. What do you get during the summer? A bar loan!

Except don't. It's expensive. Find another way to finance your summer (no, not credit cards either).


I would use my leftover from COA loans to finance my bar related stuff.. I would have 10k left after paying tuition, rent, food, parking, car.

Yeah I did a combo of this and credit cards, and really regretted the latter (but did not regret the sweet Euro trip I got out of it).


Im planning to do the "public service loan forgiveness" for my loans. someone please tell me this is a good idea.

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Nebby
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Re: Student loan payments: Actual numbers

Postby Nebby » Fri Aug 05, 2016 9:39 pm

Anonymous User wrote:
Danger Zone wrote:
Anonymous User wrote:
Danger Zone wrote:
ontopoftheworld wrote:What is a bar loan and why do you need it?

Student loans end in May and job starts in the fall. What do you get during the summer? A bar loan!

Except don't. It's expensive. Find another way to finance your summer (no, not credit cards either).


I would use my leftover from COA loans to finance my bar related stuff.. I would have 10k left after paying tuition, rent, food, parking, car.

Yeah I did a combo of this and credit cards, and really regretted the latter (but did not regret the sweet Euro trip I got out of it).


Im planning to do the "public service loan forgiveness" for my loans. someone please tell me this is a good idea.

I used my leftover COA to finance bar related stuff. Definitely recommend if you're doing PAYE/PSLF. I also moved home for the summer to save money. My leftover COA covered all bar exam expenses, Themis (PI discount), flight and hotel for exam, rent and deposit on apartment for job. Just plan accordingly and you'll be fine

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Mlk&Ckies
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Re: Student loan payments: Actual numbers

Postby Mlk&Ckies » Fri Aug 05, 2016 11:14 pm

Danger Zone wrote:
ontopoftheworld wrote:What is a bar loan and why do you need it?

Student loans end in May and job starts in the fall. What do you get during the summer? A bar loan!

Except don't. It's expensive. Find another way to finance your summer (no, not credit cards either).


way too late bro

ontopoftheworld
Posts: 59
Joined: Sun Jan 24, 2016 8:36 pm

Re: Student loan payments: Actual numbers

Postby ontopoftheworld » Fri Aug 05, 2016 11:18 pm

Nebby wrote:
Anonymous User wrote:
Danger Zone wrote:
Anonymous User wrote:
Danger Zone wrote:
ontopoftheworld wrote:What is a bar loan and why do you need it?

Student loans end in May and job starts in the fall. What do you get during the summer? A bar loan!

Except don't. It's expensive. Find another way to finance your summer (no, not credit cards either).


I would use my leftover from COA loans to finance my bar related stuff.. I would have 10k left after paying tuition, rent, food, parking, car.

Yeah I did a combo of this and credit cards, and really regretted the latter (but did not regret the sweet Euro trip I got out of it).


Im planning to do the "public service loan forgiveness" for my loans. someone please tell me this is a good idea.

I used my leftover COA to finance bar related stuff. Definitely recommend if you're doing PAYE/PSLF. I also moved home for the summer to save money. My leftover COA covered all bar exam expenses, Themis (PI discount), flight and hotel for exam, rent and deposit on apartment for job. Just plan accordingly and you'll be fine


Now Im really confused.
Why would we need to pay for hotel and flight for the bar? It isn't at a place of your choosing like LSAT?




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