student loan help/info needed

[2talltim]

The rate she got was 5.75%, I know they ran a basic credit app but I have no idea if the rate was based on that. I do know her credit score is in the tank right now due to bankrupcy 2 1/2 years ago and some of her old student load being in default, I don know what her score is right now but if I had to guess id say hi 500s or low 600s, id say no higher than 650. They had lots of programs to chose from up to 25 years, some based on income, and some graduated repayments. We went with a 15 yr fixed payment and got her $36k worth of loans for around $270 a month

[motozachl]

Ouch. Sorry I don't have much to contribute but I made 4x payments a month to kill my student loans once I graduated. That first year I saw the amount wasted on just interest while doing my taxes, knew I had to get it taken care of asap

[redkow97]

Good info. I'm about 7 months away from making loan payments again...

Last time around I was paying 3 different companies. Nightmare.

[madcat6183]

Thanks bud, that def helps a ton and that rate is def lower than 1 of hers.

For anyone out there making SL payments, make sure you are investing MORE than the extra amount you are paying on the SL's payments. For instance, if your min payment is 100 a month for the SL, and you are paying 200, you should be investing AT LEAST 200 and if needed cut back the SL payment to 100, or 150 at most. These rates are still lower than you should be earning on ANY investment, if they aren't get rid of your investor now and get with someone who is going to make you money. Yes you will lose some here and there, but the investments should be long term based, like the SL term is, not like small 6mos CD's or savings/checking, but IRAs, Roths, 401Ks, even stocks and long term bonds.

[Carwhore]

Do you have enough equity in your house to get a home equity loan? Then you could write all then interest you paid off.