Suggestions for Student Loans!!

[sarlos]

Alright, I'm now a year out of college, and the student loan bills are hitting me hard. I've talked the loan companies down to $650/month for the next two years, then it goes up to about $800. This is unacceptable. Obviously education is a very important thing, and I feel it was well worth the money paid, but just starting off in life with so much debt above me is a hard thing to do.

I look around the web and I see sites such as the Million Dollar Homepage. Now, obviously the web reaches an incredibly massive audience, so how can I leverage that audience to try to cut down on my student loans? And here comes the million dollar (well, hundred thousand dollar) question - what could I offer at $1 each to 100,000 people to pay off this ludicrous student loan debt? As a side note, if any of you are rich and philanthropic, or know of someone who is, I will gladly accept donations!

I thought of having an auction on paypal and trying to get free publicity through that, but I would still need something specific to sell. Ideas?

[Rodin]

Re: Suggestions for Student Loans!!

Honestly, this might sound stupid, but if you're in a failry large city, I would suggest street performing in the busiest part of the town that gets the most tourists. A buddy of mine made $50,000 in 3 months when he went to New York. He did David Blaine-esque street magic for 3-5 hours a day. You have no idea how well street performers do if they're good. It's really a hit or miss with this one, but hey, if you're desperate, lol....

Also, if anyone else is applying for loans, I would suggest getting an enema, and take a lot of muscle relaxants. It won't hurt as much when you're done. -_-

[Raydeus]

Re: Suggestions for Student Loans!!

Ouch.

Is there any way you can make a request for an extension on your debt?

Charging a student who has barely left college and who is barely starting with their career sounds incredibly stupid. I guess they think as soon as you are out of college you suddenly start making 500k a year


I'm so glad college doesn't work that way where I live

[sarlos]

Re: Suggestions for Student Loans!!

Well, Raydeus, the reason my loans are rather excessive is the school I chose was a smallish private university. Small and Private means expensive. Half my school costs were covered in grants, and I still wound up with roughly $90,000 in loans. Figure in interest to get to the present figure of almost $100,000.

I can sort of afford it, after all, I am a well-paid Software Developer. However, my pay is misleading as I live in Washington, DC, which is one of the more expensive places to live in the United States. My budget is tight, but workable. Also, the repayment term is at the maximum of 25 years for my lender for loans totaling under $100,000. I'm even on a graduated payment plan so I have lower monthly payments now, but over the years, it will wind up higher than they would be if I was paying the 'normal' amount now.

Oh, Rodin, unfortunately, street performing is out of the question. I have a full-time job, in addition to my Final Fantasy addiction. Ideally, I would find something I could produce from my home. It would be even better were it electronic in nature.

[Raydeus]

Re: Suggestions for Student Loans!!

Hmm, I guess you'll have to choose between paying more in the long run but having an easier time while you start making more money, or trying to pay as much as you can right now and pay less in the long run, but having more preassure on you.

I dunno, if I was in your shoes I'd try to pay less right now while I get a raise or a better payed job and then when I had the money pay as much as I could without sacrificing my way of life.

But I would also try to pay off the debt as soon as possible.

[Rodin]

Re: Suggestions for Student Loans!!

You're good with computers.....and you have an addiction to FFXI.

Why don't you build custom PCs, and sell them for 2-3 times what it cost you.

I can build a high-end gaming rig EASILY for 1500 dollars. With the specs I'm putting on the computer I'm currently looking at purchasing, I could sell the thing for 6,000 dollars.

There's actually a guy who opened up a shop next to the barber shop I go to. He does that, watches TV until a customer comes in. He's currently raking in 250,000 a year in profit. All by servicing and building PCs. He just got out of the army, not to long ago. He had an old Chevy Berretta. He just put a lease on a new Mercedes last week. :3

[Omni]

Re: Suggestions for Student Loans!!

Here's my take on paying off debt.

Since you are younger, having to suck it up for a while now is better than later. Young people have a higher tolerance for hardship than older people. Living on a budget now, watching where you eat out, not going out and blowing $100 a night on booze and etc, has less impact on you when you're young. But, when you get older, and you dont have that same tolerance. Eating ramen 5 days out of the week, getting value meals at fast food, etc has a greater toll on your body and your morale when you start to get older.

I know this might put a dampen on your plans now and it might suck some fun outta things but, the way I see it, its more depressing when youre 38 and you cant go out on vacation or you cant put that down payment on that home b/c you got $800 going out each month to repay your loans.

This is assuming your pay stays relatively the same till then, but if you make it big, then of course this doesnt apply. I'm repaying off my debts now and yea, it does suck that $600 of my salary each month goes to stuff that isnt even relevant now but I also dont wanna hit 30 and still owe money (im 27 now) and still have to watch my spending like I do now.

Good luck.

[Sokarr]

Re: Suggestions for Student Loans!!

Gamble... I make like $1000-2000 a month extra gambling on fights.