I was poor until I was 40. I'm slightly less poor now at 45 but I earned it and worked for it all. There is no easy way out and there shouldn't be. Own it and beat it then you are free.
-
ODT Gun Show & Swap Meet - May 4, 2024! - Click here for info
Student loans
- Thread starter jpm2953
- Start date
I was poor until I was 40. I'm slightly less poor now at 45 but I earned it and worked for it all. There is no easy way out and there shouldn't be. Own it and beat it then you are free.
I can't see the member's post who mentioned bankruptcy but that's an incredibly stupid idea. Not sure of the context but you likely DO NOT QUALIFY for a bankruptcy anyway.
We did a cash out refinance and consolidated my wife student loans to one payment (our mortgage). In doing so we dropped our mortgages payments down 5 years. Got a lower interest rate on our house then I had before l, and what was on her student loans, and only increased our mortgage by $100 a month.
Plus we still have tons of equity in the house. But we also bought our house years ago in the recession. We did the calculations and it would of took us 20+ years to pay hers off. So now she rest easy and we make one payment and if times really get tough we just sell the house and walk away debt free in a way.
I'm sure some people would say this was stupid but she had federal student loans and the minimum payment was like $500 a month.
Plus we still have tons of equity in the house. But we also bought our house years ago in the recession. We did the calculations and it would of took us 20+ years to pay hers off. So now she rest easy and we make one payment and if times really get tough we just sell the house and walk away debt free in a way.
I'm sure some people would say this was stupid but she had federal student loans and the minimum payment was like $500 a month.
I'm nearly certain that's how the member recommending it thinks it works.
Super easy. Bright Path Mortgage made is really simple and did a lot of work. Went from 3.5 down to 2.75, and knocked 10 years off what we owe, basically went from a 30 year to 20 year.
Our assistant was really friendly and answered all my questions.
I thought good ole Lunchbucket Joe was going to make all these loans vanish?
- Joined
- Dec 18, 2014
- Messages
- 155,060
- Reaction score
- 434,582
- Location
- Suwanee, Georgia 30024 United States
When , I met my wife She had a student loan from College, I told her we are not taking another Dime, I would use my military TDY per-diem to pay it off, I was TDY 9 months every year for 9 years. When, my daughter went to college, I payed $30k( loan from credit union) upfront for what ever her Scholarship did not pay. I paid off the $30k. By the time , I retired from the military the $30k was paid off.
