college loans
bonknhead
New member
Good luck in your education INgolfer. We're fortunate in that we've saved a bit for our boys college expenses over the years. My oldest will be attending a state university this fall and we're ready. We won't have to borrow any money, but we are having him apply for scholarships!
Luckily our two boys are 3 years apart grade-wise, so the oldest will be in his fourth year when my youngest starts.
Luckily our two boys are 3 years apart grade-wise, so the oldest will be in his fourth year when my youngest starts.
GrantD
Formerly Known as DMB012
That was my problem with a masters. I needed an online program too. I can just quit my job for a year to get it. I also don't have time at night to go sit in a class to hear a lecture. I think online is the future of schools anyway. You don't really need to hear a lecture to get the information. You can read and gain the same about of information.
RatFink
Carnivore
My University recently passed a tuition raise for people in Majoring in Business to ~$750/class because of our earning 'potential' post-graduation so we can "afford it". Compare this to the sociology/arts majors who are paying ~$500/class.
joncmu99
New member
I feel for anyone who is still in school or just graduating with a load of loan debt. I have student loans, but I also had the opportunity to consolidate all of my student loans at a very low interest rate. Due to legislation signed into law in 2008 and the reeling economy many consolidation programs have been suspended. In fact my credit union who I was able to consolidate my federal and private loans through isn't even legally allowed to offer their consolidation program anymore. You can still file a hardship waiver if you are having trouble making your payments and they will work with you. I highly suggest talking directly to a human being, face to face, they are much more sympathetic in person.
Don't get me started on medical costs in the US.
Don't get me started on medical costs in the US.
pjcedog
New member
You don't live for 58 years on this planet without learning something.
Weezy
New member
Wow TC! You have been through a ton! I'm somewhat with you, but not really. I was the sick child, and my mother had to work two jobs and go to college. Yes sir, you are very right, all that matters is that you are all healthy!
Me and my mother had saved some for college, and what was left I have had a couple of scholarships that have helped out. Most just paid for tuition and books, and I have been responsible for everything else.
I wish I knew more about student loans, but I haven't taken any out as of yet. BUT, I know I will by the next semester.. OH BOY, JOY!!
Bumping this for a quick question if anybody has advice. I have very nearly paid off my student loans (have like 500 bucks left), and I could very easily knock them out right now. However, I've heard talk of folks' credit score bumping down after paying down student loans due to it reducing the variety of credit types on your report. This sounds like something that might happen for me, as I don't have a car payment and I don't have a mortgage - just rent, utility bills, and credit cards outside of this loan account.
Tips? Should I just knock the thing out and not worry about it, or could it have a negative effect?
Tips? Should I just knock the thing out and not worry about it, or could it have a negative effect?
mikedean441
6X HOF
Knock it out now.
U never know what tomorrow holds and moving forward with less debt than today is a good thing
I'm with Mike here. Knock it out now. I'm no credit expert, but using credit cards and carrying no debt, should give you a good score regardless of not having a car loan or mortgage.
mikedean441
6X HOF
Yes and no.
0 debt with credit cards open are sometimes looked upon negatively because you have the potential at any one time to "go crazy" and max it all out.
But the impact is more than likely minimal there compared to the other end of the spectrum
Credit score calculations are absolute wizardry. But in this case, the paid off student loan would carry less weight than a current student loan with a $500 balance? How much less do you think?
And SkiBumGolfer...the only real solution for you is to head off to this thread: http://www.thehackersparadise.com/forum/showthread.php?62123-The-Car-Shopping-Thread
From my understanding, regularly using and paying off a card is a good way to keep that from being a negative. Put $10 a month on the card and pay it off before the interest hits. Shows a continued payment history and responsibility.
Take my thoughts with a huge grain of salt, I'm no finance guy by any means.
mikedean441
6X HOF
Not enough to lose sleep over and the peace of mind of not having that debt there is greater than 1 stupid point on a 850 point scale.
Plus with so many other variables such as age of credit, payment history, inquiries etc you may see no move
capt.dru
Well-known member
I would pay it off. That frees up some extra money and one less debt to worry about. It wont hurt your credit as much as you think.
Sent from my SM-G900P using Tapatalk
Sent from my SM-G900P using Tapatalk
This was my thinking all along.
Agent Jay
Grandaddy Alumni
In this case, just pay it off, you're going to have to within a few months anyway, right? Just get it done.
Credit works like this, if you have no credit cards, no mortgage, and all you're showing on your Credit Report is a few student loans? Then chances are you're not going to have much of a credit score anyway. I've seen this SOOOOO many times. I'll have a middle 20 something year old walk in and want to buy a car, but there score is either not there, lower than it could be due to just student loans.
With that said, since you've been paying on them and have them almost paid off, you're probably NOT in that category. You usually keep positive and negative credit on your report for around 7 years once they are paid, or resolved. So, paying them off is actual a good thing.
As for others statements. It is good to have credit cards on your report, over time. What the scores look at it debt load. Meaning if you have a LOT of credit cards and they are all maxed pretty high, over 80% for example on all of them, that will bring your score down. Even if you NEVER or have ever missed a payment. Lender look at debt to income ratios, past history of payments, time of job, time at current residence...things like this.
So, bottom line is, pay it off. If you looking to increase you payment history and or purchase a car or a house within the next, say 5 years. Now is a good time to get a few lines of credit open to help build you credit history. Of course, I'd be a bad finance manager if I didn't say, you need to be careful that you don't get out of control with spending. If you get a credit card, buy a tank of fuel and some groceries and pay it ALL off each month, that's a GOOD thing. The longer you have accounts open and continue to show use and good payment history, the better! Just don't go on a spending spree and get yourself into trouble with credit cards, even IF that's the American way.
Agent Jay
Grandaddy Alumni
Good exmple...
Good exmple...
Just did a deal for a guy who who's around 40, makes around $120,000 a year. Awesome right? Well, he's married, has some kids and has helped them out from time to time. He's showing NO negative payment history on ANYTHING, never misses a payment! BUT he has 7 (yes 7) current Open auto loans that are both auto/motorcycle/4 wheelers and such. He also has 6 credit cards that are ALL most maxed out, around 70% or more, and a mortgage that's about half paid off. What would you guess his credit score is? It would be a 586 currently.
So, as you can see, even though he has a great paying job, never misses a payment, and pays all his bills on time. His score is down because he stretched thin on payments and debt load.
It's all cool to help the family, have some toys and all...but he was thrown for a bit of loop when I showed him his score and told him his 72 month loan rate was going to be almost 6%. What could he say though? I showed him his stellar payment history, but he couldn't argue the fact that all of those loans were open and his credit cards were pretty maxed out.
Good exmple...
Just did a deal for a guy who who's around 40, makes around $120,000 a year. Awesome right? Well, he's married, has some kids and has helped them out from time to time. He's showing NO negative payment history on ANYTHING, never misses a payment! BUT he has 7 (yes 7) current Open auto loans that are both auto/motorcycle/4 wheelers and such. He also has 6 credit cards that are ALL most maxed out, around 70% or more, and a mortgage that's about half paid off. What would you guess his credit score is? It would be a 586 currently.
So, as you can see, even though he has a great paying job, never misses a payment, and pays all his bills on time. His score is down because he stretched thin on payments and debt load.
It's all cool to help the family, have some toys and all...but he was thrown for a bit of loop when I showed him his score and told him his 72 month loan rate was going to be almost 6%. What could he say though? I showed him his stellar payment history, but he couldn't argue the fact that all of those loans were open and his credit cards were pretty maxed out.
Great info and thanks to everyone for the input! Sounds like I'll just put the final nail in and call it good. Will feel nice!
With regard to credit cards, I ALWAYS pay off my whole balance every month. So shouldn't have to worry about that too much.
Sent from my SM-G920P using Tapatalk
With regard to credit cards, I ALWAYS pay off my whole balance every month. So shouldn't have to worry about that too much.
Sent from my SM-G920P using Tapatalk
Pay it off.
Sent from my iPhone using Tapatalk
Sent from my iPhone using Tapatalk
- Joined
- Sep 11, 2013
- Messages
- 74,577
- Reaction score
- 88,048
- Location
- Ponte Vedra, Florida
- Handicap
- 11.9
college loans
Want to take on some of my student loans???
Pay it off.
Want to take on some of my student loans???
Pay it off.
DawgDaddy
Old Coot
I pay my utility bills each month with my Discover card and then pay off the entire credit card bill each month, my credit stays active and my credit score is always 800+.
I agree that the student loan should be paid off and then I would recommend that everyone should do something like I do with their bills, you are going to pay them anyway.