6 ms·

I have the job, its the resources. Right now at ~450/mo, I am still at 10 years payback time, according to http://tuition.io/ http://tuition.io/.

by weems 12y ago

jacquesm 12y ago
Don't they allow you to pay back faster? 450/month is 100 months, surely if you have a well paying IT job you can do a lot better than that?
Spoom 12y ago
How much are you spending per month? Surely there are things you could cut. I recommend setting up a Mint.com account and taking a look at your monthly expenses. You might be surprised at how much you're spending on, say, restaurants or fast food per month. In general, I would also recommend reading http://mrmoneymustache.com/ http://mrmoneymustache.com/ for good ideas on ways to lower your expenses. Here's the uber-post containing the most basic (and most effective) ideas: http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-zero-to-hero-in-one-blog-post/ http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-... Any savings can be paid right toward the loan as additional principal. (Note that your loan may have a prepayment penalty; you'll want to check before you begin sending in more than the expected payment.) Edit: According to https://commonbond.co/blog/the-truth-behind-student-loan-prepayment-penalties/ https://commonbond.co/blog/the-truth-behind-student-loan-pre... , no federal student loans have prepayment penalties, and it is illegal for private student loans to charge them as well as of 2008.
seekingcharlie 12y ago
Surely you can afford more than $450/mo ??
- weems 12y ago
  If I paid everything I made every month it would be $1584 /mo. 40 months. 3 years 4mo.
  - jacquesm 12y ago
    You need a better job.
  - seekingcharlie 12y ago
    Why? Is that actually what you get paid each month or are there are issues (family, medical etc)? If not, you can definitely get a better job than that, especially in IT!

I have the job, its the resources. Right now at ~450/mo, I am still at 10 years payback time, according to http://tuition.io/ http://tuition.io/.

by weems 12y ago

I have the job, its the resources. Right now at ~450/mo, I am still at 10 years payback time, according to http://tuition.io/ http://tuition.io/.

jacquesm 12y ago

Don't they allow you to pay back faster? 450/month is 100 months, surely if you have a well paying IT job you can do a lot better than that?

Spoom 12y ago

How much are you spending per month? Surely there are things you could cut. I recommend setting up a Mint.com account and taking a look at your monthly expenses. You might be surprised at how much you're spending on, say, restaurants or fast food per month. In general, I would also recommend reading http://mrmoneymustache.com/ http://mrmoneymustache.com/ for good ideas on ways to lower your expenses. Here's the uber-post containing the most basic (and most effective) ideas: http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-zero-to-hero-in-one-blog-post/ http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-... Any savings can be paid right toward the loan as additional principal. (Note that your loan may have a prepayment penalty; you'll want to check before you begin sending in more than the expected payment.) Edit: According to https://commonbond.co/blog/the-truth-behind-student-loan-prepayment-penalties/ https://commonbond.co/blog/the-truth-behind-student-loan-pre... , no federal student loans have prepayment penalties, and it is illegal for private student loans to charge them as well as of 2008.

seekingcharlie 12y ago

Surely you can afford more than $450/mo ??

weems 12y ago
If I paid everything I made every month it would be $1584 /mo. 40 months. 3 years 4mo.
- jacquesm 12y ago
  You need a better job.
- seekingcharlie 12y ago
  Why? Is that actually what you get paid each month or are there are issues (family, medical etc)? If not, you can definitely get a better job than that, especially in IT!