Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Forgot to add that interest on mine is 3.5% and 6% on DH.

You should consider reprioritizing based on this. Sending $3000 extra per month will make a much bigger difference on the higher interest loan.

You are right. But I just thought to pay off the smallest debt first. And get rid of that payment entirely.

I'm the PP who originally asked about the interest rates, and I agree with PP. Focus on paying down the debt with the highest interest rate first. Throw your extra money at that. I know it feels good psychologically to pay a loan off entirely, but with that high an interest rate, you want that one to go away first.

And I don't think you need to spend every last penny on your debt. It's your life and you have to live it. Some people are overly rigid about debt and that's their perspective. You sound like you're both doing your best to be responsible while still enjoying life. There's a big difference between a mountain of credit card debt from luxury items, vacations, etc., and student loans to advance your careers and expand your horizons. Stay the course (but do consider reorganizing to address the higher interest loans first).

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Forgot to add that interest on mine is 3.5% and 6% on DH.

You should consider reprioritizing based on this. Sending $3000 extra per month will make a much bigger difference on the higher interest loan.

You are right. But I just thought to pay off the smallest debt first. And get rid of that payment entirely.

Anonymous wrote:

Anonymous wrote:Forgot to add that interest on mine is 3.5% and 6% on DH.

You should consider reprioritizing based on this. Sending $3000 extra per month will make a much bigger difference on the higher interest loan.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why do you care what other people are doing? I never had student loan debt, no way would I take it out in the first place. However what does that have to do with you? Nothing.

Many have absolutely not choice but to get loans. OP is asking about the best way to manage it along with other financial goals.

Yes and for some people, getting a loan is absolutly not a choice they would make no matter what. So what?

And that's not what this thread is about. It's about managing the loans SOMEONE ALREADY HAS. Go start your own thread if you want to trash student loans.

OP, the interest rate on my loan is 5.75. DH and I are paying it down aggressively. Started at about 150K in 2002, but only paid the minimum until about 3 years ago. Then we started throwing all our extra money at it. We are now at about 35K and the end is in sight. Never had a problem getting approved for a morgatge or HELOC, car loan or credit card. We always managed to save for retirement as well. But when I think about how much better shape we'd be in now if I had tackled the loans sooner, I cringe. Tons of interest payments down the drain.

That being said, I would have been a lot more lax about paying them off if the interest rate was lower. But 5.75? I should have refinanced, but never did. Ah well. Live and learn.

No, the OP is feeling insecure after watching a YouTube video and is now looking for validation. If she wanted real suggestions, rather than the calming hum of the chorus from the peanut gallery on her unique situation she would have posted useful details.

I'm not trashing loans. My situation had no bearing on your or anyone else. My lack of loans is not a reflection on yours.

OP here.
I decided to post my details. My DH went to law school later in life, he was in the industry that had limitations without J.D. He makes now 250k and without it he would be making maximum 130k if he was really lucky. So his student loans from law school are around 140k plus his loans from undergrand are still not paid off.
I make 100k and have 38k in student loans, which I am planning to pay asap.
We have a very modest house and saving for retirement. According to Ramsey we are crazy with this income not to start paying off loans aggressively, but the payment doesn't really bother us, we still have huge disposable income. I really don't want to deprive myself in everything for a next 5 years, to lose trips with friends, concerts etc as life goes on and we never know when it will stop. My dad died unexpectedly at the age of 50.

Are you paying down the loans at all? I don't think you have to send all your disposible income to the student loans, but you can't ignore them. As long as they are going to pay down in 10-15 years I think that's fine. If you have any higher-interest loans it makes sense to pay those down more aggressively.

Yes absolutely we are paying them down. Mine was 60k just few years ago. I am paying off mine now with 3k extra each month and as soon as we pay those off we will start with his. We are still relatively young-late 30s, but probably old by DCUM standards. We also have one car, which is paid off.

I'm confused - so you are paying them down aggressively if you're putting in an extra 3k/month. Are you under the impression that you're financially irresponsible if you don't put every single extra penny towards the debt?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why do you care what other people are doing? I never had student loan debt, no way would I take it out in the first place. However what does that have to do with you? Nothing.

Many have absolutely not choice but to get loans. OP is asking about the best way to manage it along with other financial goals.

Yes and for some people, getting a loan is absolutly not a choice they would make no matter what. So what?

And that's not what this thread is about. It's about managing the loans SOMEONE ALREADY HAS. Go start your own thread if you want to trash student loans.

OP, the interest rate on my loan is 5.75. DH and I are paying it down aggressively. Started at about 150K in 2002, but only paid the minimum until about 3 years ago. Then we started throwing all our extra money at it. We are now at about 35K and the end is in sight. Never had a problem getting approved for a morgatge or HELOC, car loan or credit card. We always managed to save for retirement as well. But when I think about how much better shape we'd be in now if I had tackled the loans sooner, I cringe. Tons of interest payments down the drain.

That being said, I would have been a lot more lax about paying them off if the interest rate was lower. But 5.75? I should have refinanced, but never did. Ah well. Live and learn.

No, the OP is feeling insecure after watching a YouTube video and is now looking for validation. If she wanted real suggestions, rather than the calming hum of the chorus from the peanut gallery on her unique situation she would have posted useful details.

I'm not trashing loans. My situation had no bearing on your or anyone else. My lack of loans is not a reflection on yours.

OP here.
I decided to post my details. My DH went to law school later in life, he was in the industry that had limitations without J.D. He makes now 250k and without it he would be making maximum 130k if he was really lucky. So his student loans from law school are around 140k plus his loans from undergrand are still not paid off.
I make 100k and have 38k in student loans, which I am planning to pay asap.
We have a very modest house and saving for retirement. According to Ramsey we are crazy with this income not to start paying off loans aggressively, but the payment doesn't really bother us, we still have huge disposable income. I really don't want to deprive myself in everything for a next 5 years, to lose trips with friends, concerts etc as life goes on and we never know when it will stop. My dad died unexpectedly at the age of 50.

Are you paying down the loans at all? I don't think you have to send all your disposible income to the student loans, but you can't ignore them. As long as they are going to pay down in 10-15 years I think that's fine. If you have any higher-interest loans it makes sense to pay those down more aggressively.

Yes absolutely we are paying them down. Mine was 60k just few years ago. I am paying off mine now with 3k extra each month and as soon as we pay those off we will start with his. We are still relatively young-late 30s, but probably old by DCUM standards. We also have one car, which is paid off.

Anonymous wrote:Forgot to add that interest on mine is 3.5% and 6% on DH.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why do you care what other people are doing? I never had student loan debt, no way would I take it out in the first place. However what does that have to do with you? Nothing.

Many have absolutely not choice but to get loans. OP is asking about the best way to manage it along with other financial goals.

Yes and for some people, getting a loan is absolutly not a choice they would make no matter what. So what?

And that's not what this thread is about. It's about managing the loans SOMEONE ALREADY HAS. Go start your own thread if you want to trash student loans.

OP, the interest rate on my loan is 5.75. DH and I are paying it down aggressively. Started at about 150K in 2002, but only paid the minimum until about 3 years ago. Then we started throwing all our extra money at it. We are now at about 35K and the end is in sight. Never had a problem getting approved for a morgatge or HELOC, car loan or credit card. We always managed to save for retirement as well. But when I think about how much better shape we'd be in now if I had tackled the loans sooner, I cringe. Tons of interest payments down the drain.

That being said, I would have been a lot more lax about paying them off if the interest rate was lower. But 5.75? I should have refinanced, but never did. Ah well. Live and learn.

No, the OP is feeling insecure after watching a YouTube video and is now looking for validation. If she wanted real suggestions, rather than the calming hum of the chorus from the peanut gallery on her unique situation she would have posted useful details.

I'm not trashing loans. My situation had no bearing on your or anyone else. My lack of loans is not a reflection on yours.

OP here.
I decided to post my details. My DH went to law school later in life, he was in the industry that had limitations without J.D. He makes now 250k and without it he would be making maximum 130k if he was really lucky. So his student loans from law school are around 140k plus his loans from undergrand are still not paid off.
I make 100k and have 38k in student loans, which I am planning to pay asap.
We have a very modest house and saving for retirement. According to Ramsey we are crazy with this income not to start paying off loans aggressively, but the payment doesn't really bother us, we still have huge disposable income. I really don't want to deprive myself in everything for a next 5 years, to lose trips with friends, concerts etc as life goes on and we never know when it will stop. My dad died unexpectedly at the age of 50.

OP, what are the interest rates on the loans? How much are you both saving for retirement? Assuming low interest rates, I would prioritize saving for retirement over aggressively paying off loans. And I would enjoy life, too, but personally I'd rather get the student loan debt off the books sooner rather than later. So, trips, concerts, sure, but I wouldn't go luxury for everything. Pick one or two areas in which to splurge and maybe do so modestly or infrequently. If your loans are high-interest, then that changes the equation for me, and I'd want that debt gone ASAP.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why do you care what other people are doing? I never had student loan debt, no way would I take it out in the first place. However what does that have to do with you? Nothing.

Many have absolutely not choice but to get loans. OP is asking about the best way to manage it along with other financial goals.

Yes and for some people, getting a loan is absolutly not a choice they would make no matter what. So what?

And that's not what this thread is about. It's about managing the loans SOMEONE ALREADY HAS. Go start your own thread if you want to trash student loans.

OP, the interest rate on my loan is 5.75. DH and I are paying it down aggressively. Started at about 150K in 2002, but only paid the minimum until about 3 years ago. Then we started throwing all our extra money at it. We are now at about 35K and the end is in sight. Never had a problem getting approved for a morgatge or HELOC, car loan or credit card. We always managed to save for retirement as well. But when I think about how much better shape we'd be in now if I had tackled the loans sooner, I cringe. Tons of interest payments down the drain.

That being said, I would have been a lot more lax about paying them off if the interest rate was lower. But 5.75? I should have refinanced, but never did. Ah well. Live and learn.

No, the OP is feeling insecure after watching a YouTube video and is now looking for validation. If she wanted real suggestions, rather than the calming hum of the chorus from the peanut gallery on her unique situation she would have posted useful details.

I'm not trashing loans. My situation had no bearing on your or anyone else. My lack of loans is not a reflection on yours.

OP here.
I decided to post my details. My DH went to law school later in life, he was in the industry that had limitations without J.D. He makes now 250k and without it he would be making maximum 130k if he was really lucky. So his student loans from law school are around 140k plus his loans from undergrand are still not paid off.
I make 100k and have 38k in student loans, which I am planning to pay asap.
We have a very modest house and saving for retirement. According to Ramsey we are crazy with this income not to start paying off loans aggressively, but the payment doesn't really bother us, we still have huge disposable income. I really don't want to deprive myself in everything for a next 5 years, to lose trips with friends, concerts etc as life goes on and we never know when it will stop. My dad died unexpectedly at the age of 50.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why do you care what other people are doing? I never had student loan debt, no way would I take it out in the first place. However what does that have to do with you? Nothing.

Many have absolutely not choice but to get loans. OP is asking about the best way to manage it along with other financial goals.

Yes and for some people, getting a loan is absolutly not a choice they would make no matter what. So what?

And that's not what this thread is about. It's about managing the loans SOMEONE ALREADY HAS. Go start your own thread if you want to trash student loans.

OP, the interest rate on my loan is 5.75. DH and I are paying it down aggressively. Started at about 150K in 2002, but only paid the minimum until about 3 years ago. Then we started throwing all our extra money at it. We are now at about 35K and the end is in sight. Never had a problem getting approved for a morgatge or HELOC, car loan or credit card. We always managed to save for retirement as well. But when I think about how much better shape we'd be in now if I had tackled the loans sooner, I cringe. Tons of interest payments down the drain.

That being said, I would have been a lot more lax about paying them off if the interest rate was lower. But 5.75? I should have refinanced, but never did. Ah well. Live and learn.

No, the OP is feeling insecure after watching a YouTube video and is now looking for validation. If she wanted real suggestions, rather than the calming hum of the chorus from the peanut gallery on her unique situation she would have posted useful details.

I'm not trashing loans. My situation had no bearing on your or anyone else. My lack of loans is not a reflection on yours.

OP here.
I decided to post my details. My DH went to law school later in life, he was in the industry that had limitations without J.D. He makes now 250k and without it he would be making maximum 130k if he was really lucky. So his student loans from law school are around 140k plus his loans from undergrand are still not paid off.
I make 100k and have 38k in student loans, which I am planning to pay asap.
We have a very modest house and saving for retirement. According to Ramsey we are crazy with this income not to start paying off loans aggressively, but the payment doesn't really bother us, we still have huge disposable income. I really don't want to deprive myself in everything for a next 5 years, to lose trips with friends, concerts etc as life goes on and we never know when it will stop. My dad died unexpectedly at the age of 50.

Are you paying down the loans at all? I don't think you have to send all your disposible income to the student loans, but you can't ignore them. As long as they are going to pay down in 10-15 years I think that's fine. If you have any higher-interest loans it makes sense to pay those down more aggressively.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why do you care what other people are doing? I never had student loan debt, no way would I take it out in the first place. However what does that have to do with you? Nothing.

Many have absolutely not choice but to get loans. OP is asking about the best way to manage it along with other financial goals.

Yes and for some people, getting a loan is absolutly not a choice they would make no matter what. So what?

And that's not what this thread is about. It's about managing the loans SOMEONE ALREADY HAS. Go start your own thread if you want to trash student loans.

OP, the interest rate on my loan is 5.75. DH and I are paying it down aggressively. Started at about 150K in 2002, but only paid the minimum until about 3 years ago. Then we started throwing all our extra money at it. We are now at about 35K and the end is in sight. Never had a problem getting approved for a morgatge or HELOC, car loan or credit card. We always managed to save for retirement as well. But when I think about how much better shape we'd be in now if I had tackled the loans sooner, I cringe. Tons of interest payments down the drain.

That being said, I would have been a lot more lax about paying them off if the interest rate was lower. But 5.75? I should have refinanced, but never did. Ah well. Live and learn.

No, the OP is feeling insecure after watching a YouTube video and is now looking for validation. If she wanted real suggestions, rather than the calming hum of the chorus from the peanut gallery on her unique situation she would have posted useful details.

I'm not trashing loans. My situation had no bearing on your or anyone else. My lack of loans is not a reflection on yours.

OP here.
I decided to post my details. My DH went to law school later in life, he was in the industry that had limitations without J.D. He makes now 250k and without it he would be making maximum 130k if he was really lucky. So his student loans from law school are around 140k plus his loans from undergrand are still not paid off.
I make 100k and have 38k in student loans, which I am planning to pay asap.
We have a very modest house and saving for retirement. According to Ramsey we are crazy with this income not to start paying off loans aggressively, but the payment doesn't really bother us, we still have huge disposable income. I really don't want to deprive myself in everything for a next 5 years, to lose trips with friends, concerts etc as life goes on and we never know when it will stop. My dad died unexpectedly at the age of 50.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why do you care what other people are doing? I never had student loan debt, no way would I take it out in the first place. However what does that have to do with you? Nothing.

Many have absolutely not choice but to get loans. OP is asking about the best way to manage it along with other financial goals.

Yes and for some people, getting a loan is absolutly not a choice they would make no matter what. So what?

And that's not what this thread is about. It's about managing the loans SOMEONE ALREADY HAS. Go start your own thread if you want to trash student loans.

OP, the interest rate on my loan is 5.75. DH and I are paying it down aggressively. Started at about 150K in 2002, but only paid the minimum until about 3 years ago. Then we started throwing all our extra money at it. We are now at about 35K and the end is in sight. Never had a problem getting approved for a morgatge or HELOC, car loan or credit card. We always managed to save for retirement as well. But when I think about how much better shape we'd be in now if I had tackled the loans sooner, I cringe. Tons of interest payments down the drain.

That being said, I would have been a lot more lax about paying them off if the interest rate was lower. But 5.75? I should have refinanced, but never did. Ah well. Live and learn.

No, the OP is feeling insecure after watching a YouTube video and is now looking for validation. If she wanted real suggestions, rather than the calming hum of the chorus from the peanut gallery on her unique situation she would have posted useful details.

I'm not trashing loans. My situation had no bearing on your or anyone else. My lack of loans is not a reflection on yours.

Anonymous wrote:Depends. My student loans have 2-3 percent interest rates. Not something I'm worried about paying down aggressively. If they had higher interest rates? It would absolutely be more of a priority.

Also, I would never stop contributing to a 401K--in addition to the tax benefit, many employers match up to a certain percentage, and not contributing is throwing away free money.