Monthly Student Loan Rant: Ok, tonight in traffic - I did some math. Not counting what I have paid on my 60,700 Student Loans already, thats coming up, even at my current Income Based Repayment Plan which fluctuates and is current 512.00 a year and will be forgiven now in 23 years, I will have paid on THAT PORTION alone, 153,600. I have already PAID prior to my IBR almost 72,000 (including what I paid while in school, and since 2002 the 63,000.00 I have already paid, Plus 4000.00 my first year of IBR, and 5000.00 -approx ). I will have paid in 25 years, If my current payment remains at 512 (which it wont as it is tied to my AGI) I will have paid 225600.00 in total roughly. I will be 68 when its forgiven and at that point the forgiven amount will be taxed. So for the next and Aldo, tonight I will corner the Portuguese market -and Pardon my Portuguese, F**K-Face, that thinks I am not meeting MY OBLIGATION and PAYING WHAT I BORROWED can find a LARGE SPIKE and SIT ON IT. And before anyone asks, its a LOCKED RATE FEDERAL LOAN that features interest that accrues and capitalizes and compounds daily, so there is little way for me to get out of it due to a high income to debt ratio which is of course caused by, drum-roll please, MY OUTSTANDING STUDENT LOAN BALANCE. All payments go to INTEREST and FEES FIRST, then principal so... That means the principal isnt touched until well into loan maturity. And I IBR I am BARELY TOUCHING THE INTEREST so.... ARRGGGGGGGGGGGGGGGHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH. At what point is enough?? I dont mind paying my loan, and I dont mind paying it with interest, but if figuratively on IBR ALONE I am paying almost 154,000 ON TOP of what I have paid currently.... Should my payment stay at 512.00 At what point do I reach enough? Thank you for letting me vent.
Posted on: Wed, 02 Apr 2014 01:26:49 +0000
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