Ravenous Wolf Posted September 2, 2008 Report Share Posted September 2, 2008 I cannot believe that I am still caught in a never ending student loan. Unfortunately, student loans are about the easiest loans to screw off on. You can go months without paying and then easily get back on a payment plan or have a forebearance or even just pay interest. I have exploited almost all of those options so after ten years the balance on my two 10k loans is still pretty much the same. In the beginning it didn't make a difference to me because I managed to "hide" that debt so it never showed up on my credit reports. That gave me a great score and a much lower debt to income ratio. But that didn't make the debt go away. And budget after budget, I always put my two student loans on the backburner thinking that some day I would get to paying them off.It sucks big green donkey [EXPLETIVE DELETED] that I have hardly made any dent to these loans because the interest keeps piling on. However, what is different now is that I have finally begun to chisel away at one loan (the other loan is still an interest only loan). The minute I get a furniture loan zeroed out (in about eight months) then I am going to do away with the interest only loan and begin making real payments to it.I have learned the hard way not giving my student loans the same priority I gave to my car payments and other stuff. And when I became a paycheck to paycheck working stiff (married with children), I got trapped in never having the extra cash to start paying this stuff off. It sucks but I am on my way to getting these loans zeroed out... Link to comment Share on other sites More sharing options...
sdott313 Posted September 28, 2008 Report Share Posted September 28, 2008 good luck with your progressfortunately for me, i was able to start repayment on my student loans while i was still in school, through part-time jobs/odd jobs so now they are under control and will be paid off by the end of next year. Link to comment Share on other sites More sharing options...
momof5 Posted September 29, 2008 Report Share Posted September 29, 2008 That's why they now have a required 1 day course at FCCJ to tell students ALL about the ramifications of student loans! No class, no loan. It is a school based program because FCCJ had the highest default rate in the state.I really needed little to pay for my classes. What I chose to do was take out the max and pay off my high interest credit cards. Then with the money I was paying the cc's, pay off the student loans. You have to be disciplined to do this.Hubby and I now have our cc's locked in the safe in our bedroom. That stops all impulsive shopping! Link to comment Share on other sites More sharing options...
CleverCynic Posted October 4, 2008 Report Share Posted October 4, 2008 Curious, how did you 'hide' the debt from reports? Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted November 1, 2008 Author Report Share Posted November 1, 2008 Curious, how did you 'hide' the debt from reports?Now, I would'nt recommend this to anyone because of how destructive is not paying off your debt. The way I "hid" my student loan debt is that I kept saying it was not mine for almost two years. One by one all of my "paid" student loans, including the ones with lates, fell off of my credit report. Remember, I have sent each CRA over 100 letters in that time period.I was then able to apply for credit and even two houses with a clean slate. However, my two student loans are still there and still accruing interest because I have not paid them off. Link to comment Share on other sites More sharing options...
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