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Discussion in 'The Mainboard' started by miles, Jan 19, 2017.
So is making a kid commit to that shit before they even enter college.
college should be 22-26 instead of 18-22. military, bullshit jobs, whatever. be destitute and on the struggle bus then go learn, fam.
Oh for sure
Bo is stating exactly what I'm trying to, but doing it much better.
we understand what you're proposing and telling you why it's an ineffective solution, or why it creates new problems without fully solving the one at which it's aimed
You would do both, with the priority being getting costs down. But I doubt you'll ever be able to do much to get the cost of exclusive private schools down, so I think you still need to address it from the other side.
This would be fantastic actually but also would probably exacerbate the problems of the poor and at risk.
I'm not suggesting it as the only or even the primary solution, just as a secondary thing to help situations where any other solution may not.
And for the record, I have no interest in forcing certain majors, restricting majors, or anybody but the student deciding that in their own time. I do have interest in federal loans not being given for $75K a year if $25K per year was an option at an equally prestigious, in-state public school, at least not without jumping through some hoops.
I think the "why go out of state instead of in state" is a bit of a strawman.
"In total, after adjusting for inflation, funding for public two- and four-year colleges is nearly $10 billion below what it was just prior to the recession."
States have slashed education spending, tuition has gone up, but rabble rabble you signed a contract so it's fair.
If you stop giving "private" schools federal student loan dollars, their cost will come down.
some state schools might as well not be by funding
my college is effectively private within a public school because tuition and donations now outpace government funding
because fuck school
Also, when discussing having an educated populace and escaping bubbles and such, encouraging kids to go out of state for college and experience someplace new and new people is one of the best ways we have available to achieve those goals.
I'm in favor of that in most cases.
I was going to take my tax return and put it toward my student loan with the highest interest rate. I have several out but the Navient one is by far the highest. Should this lawsuit influence my decision as far as whether to put the money toward that loan or not?
No. Pay that man his money.
I am not a money person, but I have a lot of debt. Someone told me to look at the interest rate AND the amount of the loan. A high interest rate rate with a small amount owed may not be the best place to pay it down compared a lower interest rate but a lot more money on the loan.
It made sense when explained to me, but others may be a better source of information as far as interest.
Don't read this. Always pay higher interest rate down first. Always. Unless there is a tax upside which you'll need to calculate the effective rate (between car loan and student loan with the same rate, you'd pay the car loan because student has a tax benefit).
I prefer the snowball method of debt repayment. Keeps people motivated.
In my defense I said I wasn't sure lol. But the snowball way was what was wxplained to me I just clearly did not recall the details correctly at all.
Is this where I blow my creditor and then spit his jizz into his mouth?
I would do this to get rid of my student loans.
Yeah. I didn't even know this was an option until now.
Try not to suck any dick on the way to the parking lot!
I was agreeing to suck 1 dick, not 37.
In a row?
Not trying to be a dick, but it would make me feel good for you to get a personal finance book and go through it over the next month. It is my favorite subject on earth because it is simple, intuitive, and maybe the most important book you'll read to improve your long term financial outlook. The only reason I didn't go into it as a job is because I thought there wasn't enough depth and tax classes drove me crazy.
Run a scenario where you have both loans amortized over the next five year. Doesn't matter when the loan ends. Now run scenarios paying one, more than the other and vice versa and look at the total payment on the loans. The visual of that helps drive it home. Now do it with one million dollars. Or over 25 years. Because 25 years seems like nothing until you're 25 years into your career and made 25 years of bad decisions with a million dollars of loans over that time.
Setting it up in excel and understanding how it works the first time is hard but literally worth more to you on a future value basis than anything else you could be doing.
Snowball is a physiological approach. Some people need that to get the feels, but the bean counter approach is just the math.
Jesus, I had to explain to my fiance's entire family that the snowball method was going to lose her so much money on her loan repayment.
Team avalanche for life. The key is to not get cozy with the idea that finishing a loan is one less payment you have to make. You won't miss that money any more than you did before.
I think we've got her down to the 30s after starting in the high 70s 2 years ago. She's never gotten used to having expendable income since she graduated with her Master's so we'll have to refocus those efforts on simple investing the minute those loans are gone.
Snowball is in my opinion for problem cases. Getting into the situation where you have 10 different types of loans is a bigger problem than the rate issue. If you have "big" loans you should look at the cost of the snowball. It will slow you down and you won't get the feels by knocking off accounts at a fast pace like the snowball is meant for.
Don't venture into the investing thread.
Name P. Redacted and dahldennsull are advocating the snowball method and encouraging people to pay off their home mortgage as opposed to investing the money despite my math proving otherwise:
It's pretty scary the advice that is being given.
i refi'd to 4.15% fixed with navient
been good to me for the last year
If they are investing in orgin or whatever, they'd be better off paying the mortgage
Shock is shook
All I said is that the snowball method is effective for some because of the psychological aspect of it. Dave Ramsey has become rich as fuck by advocating this as part of his approach, so it obviously resonates with some people.
From a pure numbers stand point, of course it isn't the best financial approach.
Trump resonates with people and became president. Doesn't make it right.
How dare you disparage Dear Leader like that
Dave Ramsey is quite literally Personal Finance for Dummies. My FIL won't shut up about him and I just have to smile and nod.
I don't disagree, but there's a lot of dummies out there.
I can't understand how people rack up thousands of dollars worth of credit card debt
They buy things they can't afford or have emergencies and no cash to pay for them hth
I don't disagree. It turns the feels from spending and getting stuff to the feels from paying something off as an accomplishment. The weak need that.
What student loans have a tax benefit?
My oldest sister was always by the book with money. The middle sister had to have a credit card consolidator come and she signed up for a payment plan. Hasn't had a CC since because she spends too much. I obsess over it. I was kidding about the parenting but it amazes me how it can happen to so many people who just spend with no thought. It is a disease.
You can deduct the interest on them. All of them. Below an income level that you can google.
You can deduct student loan interest if you are in a certain tax bracket.
Interest paid deduction
You can deduct the interest
Not if you make over $85k or something like that, right?