Student Loans, How did you guys manage yours?

jaydepps

jaydepps

CAG Newbie
So I don't know if this can be posted here, but I am just looking for some advice. I am graduating this spring with a degree in Sports Management with minors in Business and Communications. I have 80k in student loans between private and federal. How did you guys manage your loans? The only thing that gets me is if my student loan payment is for the purpose of an easy example(I know it will be much higher like 700 a month) it is $20 and I pay $20 every month how much of it will actually work towards paying off the loan or will the entire payment or most of the payment pretty much be interest? Thanks for any insight.
 
It's really going to depend on your interest rates, repayment type and schedule, etc.

In my case, I stupidly signed up for the graduated plan back when I consolidated my loans. The first payments were really cheap and it gradually became more and more.

Well, what I didn't realize at the time was that every month I was basically paying zero dollars towards the actual principle of the loan. After paying for a year, I had managed to pay a total of $1.61 towards the actual balance, and over $1500 in interest.

Since that date, I've managed to greatly reduce my student loans by overpaying each month. I'm about to pay off one of my loans completely next week, with one loan remaining. My advice would be to pay off as much as you can, as fast as you can. Live your first few years out of school like you are still in college. Be frugal and put any extra money you have towards paying down debt before the interest gets out of control.
 
Dude - go talk to your college's financial aid office. That's what they're there for. They'll explain to you what you're looking at in terms of monthly payments, the interest breakdown, and how much of it you can pay early, etc. Interest rates kick in at different times and at different rates for federal and private loans. Not to mention I don't know how any of Obama's new laws for federal loans change things up. Again - that's what your school's financial aid office is for.

What do you do with a Sports Management degree?
 
Solid advice so far. Your college's financial aid office is your friend. Tell them your budget and what you can afford to pay. You must attack the principle loan amount. Otherwise you'll be paying off interest forever and your loans will get out of control. In your case, you might consider consolidating the loans if you can get a decent interest rate.

Keep your head up and good luck.
 
Thanks for the advice. My interest rates aren't that bad.

As for Sports Management degree, it offers various things. Without continuing education any further these are the type of jobs I can look for Marketing, promotions, athletic director, sales, ticketing, compliance director, etc. Hundreds of types of jobs. It doesn't exactly tie directly to sports, but I'd say about 75% of graduates get sport related jobs either with professional leagues or colleges.
 
fucking studen loans, how do they get managed?

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I didn't really have to worry too much.

I went to Community College the first two years. I had more to show for it than a bunch of receipts, I got a degree. Paid for it all off with money to spare by working 50 hour weeks during the summer in factories.

My last three years, I worked in the cafetria off and on. I'm not gonna front - I had help from my parents, so I had relatively little debt out of college.
 
Consolidate and stretch out the payment plan beyond 10 years to get payments down to where you can afford. You can always make extra payments and pay it off way before whatever end date and not eat all that interest.

Then pay more than the minimum every month to get the principle down faster. IN early years paying the minimum does little more than pay interest. So you need to go above the minimum payment as much as you can afford each month.
 
Thanks Crystalklear, that helps.

Yeah im in the same boat you are. Going into repayment right now actually.

As your 6 month grace period wraps up you get 4 or so letters a day giving you tons of information. Seriously the mail needs to stop, I get it.

Yeah there are many options that you can choose from as well as you can defer it for a longer period until you have a job.

Basically there are a few options. They vary from one you pay a the highest monthly fee and it lasts 10 years// Aa plan where it scales and increases over time (As mentioned above by another poster)// To a plan that is super low monthly payments but for 30 years so your paying much more in the end. Each plan tells you how much in interest you will be paying over the life of the loan and other depressing facts.

For yours at 80k expect from 400-800 a month.

Basically...welcome to hell.
 
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