2 payments left! And then...

iVillage Member
Registered: 04-07-2003
2 payments left! And then...
10
Tue, 01-17-2006 - 3:23pm

Only 2 payments left on my student line of credit! I took it out in 1996, and it was $5000. I'd been paying basically interest only up until about 3 years ago, and now I am down to 2 more payments. Aaaahhh!!!

And then I get to piggy-back that payment onto the government student loans... worth $16,000 with a whopping 12% interest rate. At $500 a month, it'll still take me another 3.5 years. At least it's progress!





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iVillage Member
Registered: 03-27-2003
Tue, 01-17-2006 - 3:34pm

Hey, that's terrific! Congratulations! I know you must be so happy to see that payment about to vanish.

Every time you wipe out a debt, it brings you that much closer to freedom!

Heather

Avatar for aerandel
iVillage Member
Registered: 03-25-2003
Tue, 01-17-2006 - 5:01pm

Wait a sec...government student loans, as in "federal"? Have you consolidated? Your interest rate seems extremely high if they are federal loans. I just consolidated mine for 3%!!!!!

You might want to look into this!

                          

             

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Tue, 01-17-2006 - 6:41pm
Congratulations!!!
iVillage Member
Registered: 01-06-2005
Tue, 01-17-2006 - 8:28pm

YIPPEE!!!!!!!!!!!

Those student loans are such a pain, huh??? I am so glad that you will have the one line of credit paid off soon!!!!! Get on that other one, though! :-)

Congrats and good luck, girl!
~Aravis~

 

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iVillage Member
Registered: 12-12-2004
Wed, 01-18-2006 - 12:28am
Hi, Unicorn. You are proof that dilligence and perseverance pay off. Congrats to you! Whiz.
iVillage Member
Registered: 10-10-2005
Wed, 01-18-2006 - 10:01am

Way to go. I am so looking foward to the day when I can say I only have two more payments to go before I pay off a debt.

I have started looking at my debt like it is a chain holding back from my dreams and each debt I pay off is one less link in the chain. So congrats on getting close to breaking one of your links.

iVillage Member
Registered: 04-07-2003
Wed, 01-18-2006 - 11:36am

I got really hosed on my loans. I live in Canada, and up until 2000 or 2001, government student loans were financed through the major national banks. Having taken out loans from 1997 through 1999, I had to go through a bank.

When I finished school and consolidated in 1999, the bank gave me an option of a fixed or floating interest rate - fixed being that day's prime + 5% for the life of the loan, or current prime + 2.5% floating. The person I dealt with said that it was safer to choose fixed because then I'd be protected if interest rates ever went up. Being only 21 and very ignorant to the world of economics, I thought that was a fantastic idea. Unfortunately for me, prime was 7% at the time, sticking me with a 12% interest rate. How was I to know that interest rates would go in the toilet later?

I recently asked the bank if it was possible to renegotiate or something, since that rate was killing me, and they basically told me tough crap, it's what I agreed to and they can't do anything about it now. So I closed my personal chequing account there and vowed never to deal with them on anything ever again once this stupid thing is paid off.






Edited 1/18/2006 5:05 pm ET by unicorn21


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iVillage Member
Registered: 05-09-2005
Thu, 01-19-2006 - 12:04am
Hi,
I wonder if you could talk to some other group about reconsolidating your loan with them? We get info from companies all the time wanting us to reconsolidate with them -- I don't think you have to leave your loan with the evil bank forever. Just a thought.Megan
iVillage Member
Registered: 12-05-2004
Thu, 01-19-2006 - 11:24am

You're making great progress!! Be sure to annouce the last payment you make on your student loan so we can all join you in a big ol' Happy Dance! :-D

pat :-D

iVillage Member
Registered: 04-07-2003
Thu, 01-19-2006 - 11:41am
I don't really know if I can... student loans are tricky here. If you declare personal bankruptcy, government student loans don't count as debt and you still have to pay them. I don't know if it's as easy as taking out a line of credit somewhere else and paying it off... I don't know. I'm not even sure who I could talk to about that. I'll have to look into it.




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