Comments on: Ask the M-Network: Student Loan Debt

By: * Wealth Banes: 3 Habits That Will Ruin Your Finances

* Wealth Banes: 3 Habits That Will Ruin Your Finances — Sun, 31 Jan 2010 17:30:44 +0000

[...] Unfathomable amount of student loan debt [...]

By: Loan

Loan — Tue, 07 Apr 2009 02:20:29 +0000

Great post, thanks for the info

By: Ben Malley

Ben Malley — Tue, 17 Feb 2009 21:53:45 +0000

I recently consolidated all of my student loans, and it’s helped my budgeting considerably. My monthly payments went down, too. I’d really recommend it. This article was helpful for getting me started:

http://www.debthelp.com/kc/fed.....-debt.html

Just be sure to get a bunch of quotes first. Some of the places I went to first were ridiculous!

By: Weekly Roundup - One Million Edition | Cash Money Life : Cash Money Life

Weekly Roundup - One Million Edition | Cash Money Life : Cash Money Life — Sun, 08 Feb 2009 12:33:15 +0000

[...] Ask the M-Network: Student Loan Debt. Tips on how to start a plan to get out of debt. [...]

By: Bill Muhlenfeld

Bill Muhlenfeld — Sat, 07 Feb 2009 17:59:58 +0000

Here is something I haven't run into before--starting a blog for accountability. Bravo! All the good tips and advice in the world will not help money management without some sort of discipline and self-checking. I like this idea. Bill Muhlenfeld’s last blog post..Scholarships for the Taking

By: The Debt Guy

The Debt Guy — Fri, 06 Feb 2009 17:19:29 +0000

I just wanted to thank everyone for the comments and advice given here. It's a lot of information to sift through and I have been trying to consume it all in increments. Since posting this question, I have been digging deeper into realizing the actual picture of my student debt, and it's actually slightly smaller than I had initially estimated, which is a good thing. Once again, thank you all for the advice and support! The Debt Guy’s last blog post..Financial Answers

By: frugalcpa

frugalcpa — Thu, 05 Feb 2009 16:17:24 +0000

Yikes. And I thought graduating with 30k+ of student debt was oppressive. The only thing I would add to what has been said is that many people take years and years to pay off their student loans because of the low interest rate. While that may be a better decision from a purely financial perspective (if you know you can get better return interest rates than your loan), there are other considerations that make me and my wife want to pay our student loan off as quickly as possible. It all comes down to the fact that we just don't want to have debt, period. And we're not in the business of leveraging other people's money for our profit (our risk tolerance is low, and leveraging to invest (which is what not paying off debt as quickly as possible really is) can be pretty risky, as lots of people found out this past year). Our plan is to find an inexpensive apartment when we move, and to limit all expenditures to what we just won't live without. Everything extra goes to short-term savings and then to debt. Good luck to The Debt Guy! frugalcpa’s last blog post..A Story About Cars

By: DDFD at DivorcedDadFrugalDad.com

DDFD at DivorcedDadFrugalDad.com — Thu, 05 Feb 2009 12:14:33 +0000

Student loan debt is “good” debt. It is for adding marketable skills (an income increaser)and is usually cheap (interest) compared to other debt.

That said, attack the other high interest debt first– it is more expensive and it sounds like it is smaller principal amounts. The nice thing about the smaller amounts is you will get satisfaction when you knock a loan balance off . . . this is a real motivator.

Good luck.