NWR: Student Loans

CortneyAndKevin Posted: Sep 15, 2013 05:20 PM

NWR: Student Loans

Hi brides-to-be!! So student loans make me SICK!! I went to college for 6 years and I have a ton. I am on the debate of paying off some smaller 'groups' anywhere from $2000-6,000. Is it a wise decision?? The interest sucks on these things but, I don't know if it's worth giving up a few thousand dollars saved (my own money, not the wedding fund) or having that money for back up. Leave your thoughts they make me illlllll

flynn14 Posted: Sep 15, 2013 05:29 PM

NWR: Student Loans

Omg I know ! I hate looking at how much I have left to pay!! What do u mean paying off the smaller groups? I would maybe liel to look into doing this too

But I wonder if its even worth it because its so much liel a mortgage and to fork over that money now I don't think I could financially do it

MissToMrs Posted: Sep 15, 2013 05:59 PM

NWR: Student Loans - Long Island Weddings

Lol good god I hate student loans!! I pay 650 a month! :( I would suggest calling and seeing if you paying of smaller loans will really make a dent in the monthly payments. I would keep some cash reserve just in case but if it helps do it!

MsErikaLynn Posted: Sep 15, 2013 06:31 PM

NWR: Student Loans - Long Island Weddings

I have a few loans too and by the time I graduate in 2-3 years I will have a good amount.

I have read in multiple places, and seen on The Suzie Orman Show (she is awesome) that student loans are not a favorable debt to carry and you should pay them off before other debt. I would say if they aren't affecting your ability (and want or need) to buy a home, get a new car, or do something else, credit-related, than I personally, won't be worrying about getting them down. Once we are married and getting a home I will start focussing more on proactive plans to get down my student loans. I'm keeping all other debts super low like car-loans/credit cards which we barely have any debt in. Although I do always keep an eye out on salliemae or Upromise about opportunities to lower interest rates and get the best monthly payments THT!

butrfly1rm Posted: Sep 15, 2013 06:33 PM

NWR: Student Loans - Long Island Weddings

Ugh I'm 50k in the hole for my loans

Jott1015 Posted: Sep 15, 2013 07:20 PM

NWR: Student Loans - Long Island Weddings

Crashing!! I am in the same boat. I have over 40K in student loan debt and its so hard to afford the monthly payments!! I have thought about doing the same thing but reallyyyy don't want to use my wedding $$ :(

Soon2BeMrsPy Posted: Sep 15, 2013 10:04 PM

NWR: Student Loans - Long Island Weddings

I deferred all of my student loans until after the wedding!

guitarstikibars Posted: Sep 15, 2013 10:06 PM

Re: NWR: Student Loans

Posted by Soon2BeMrsPy

I deferred all of my student loans until after the wedding!

how did you get this done? i thought you had to prove economic hardship, or had to be in school? what were your criteria, if you don't mind me asking? i'm interested in doing this ...

Soon2BeMrsPy Posted: Sep 15, 2013 10:09 PM

NWR: Student Loans - Long Island Weddings

If you are unemployed or make under a certain amount of money you can apply for an economic hardship deferment or forbearance. That is what I did.

MissToMrs Posted: Sep 16, 2013 12:26 AM

NWR: Student Loans - Long Island Weddings

I just wish you could have manageable payments for life. I wouldn't mind paying $100 for life!!! Haha

futuremap Posted: Sep 16, 2013 08:41 AM

NWR: Student Loans - Long Island Weddings

I double my payment every month in order to get the interest down.... I feel better than just paying the bare minimum but am not stressing about throwing down thousands at once.

kadymry Posted: Sep 16, 2013 10:00 AM

NWR: Student Loans - Long Island Weddings

my loans make me cry. i have massive loans from school. I try to pay above my minimum. all of my loans are consolidated, so i cant pay off the small ones separately anymore. i just throw money at them every month. anyone else feel like the principal never goes down? haha.

futuremap Posted: Sep 16, 2013 12:49 PM

Re: NWR: Student Loans

Posted by kadymry

my loans make me cry. i have massive loans from school. I try to pay above my minimum. all of my loans are consolidated, so i cant pay off the small ones separately anymore. i just throw money at them every month. anyone else feel like the principal never goes down? haha.

I try not to look at it for months at a time so that when I do finally look, it kinda seems like it has moved a bit. hahahaha UGH!

kadymry Posted: Sep 16, 2013 04:58 PM

Re: NWR: Student Loans

Posted by futuremap

Posted by kadymry

my loans make me cry. i have massive loans from school. I try to pay above my minimum. all of my loans are consolidated, so i cant pay off the small ones separately anymore. i just throw money at them every month. anyone else feel like the principal never goes down? haha.

I try not to look at it for months at a time so that when I do finally look, it kinda seems like it has moved a bit. hahahaha UGH!

haha definitely.

CortneyAndKevin Posted: Sep 16, 2013 09:45 PM

NWR: Student Loans - Long Island Weddings

glad im not alone!! so overwhelming lately!!

MsErikaLynn Posted: Sep 16, 2013 11:17 PM

Re: NWR: Student Loans

Posted by MissToMrs

I just wish you could have manageable payments for life. I wouldn't mind paying $100 for life!!! Haha

agreed! although I have heard that if you make payments for 25 consecutive years that they 'forgive' the remainder of the loans.. not sure how that works!

bridejackson22 Posted: Sep 17, 2013 11:27 AM

NWR: Student Loans - Long Island Weddings

Hey Cortney you can look into consolidating to get a better interest rate and that way it is all one payment not several payments. If you feel you have enough in your wedding fund and feel confident in paying smaller loans off it wouldn't be a bad thing. I did that with my oldest student loans before consolidating.