General Discussion

Proud Public Servant

(2,097 posts)

58. It's doable

Fri Dec 13, 2013, 04:35 PM

Dec 2013

I sympathize -- my daughter also graduated recently -- but a 30k salary should allow her to take-home $2000/month, at least. Unless you live in NYC or San Francisco, she should be able to make that work; she'll need to have roommates, and it won't leave her a lot of fun money -- but her whole age cohort is broke, so she'll have plenty of company for cheap nights of fun. A couple of thought:

- Can she live at home for at least a year? If she does, and can throw what would have been her rent and utility money at the loans, she'll get the payments down even more.

- Does she absolutely need a car? Cars are a huge expense, and if public transportation is good where you are maybe that's money she can save.

- Can she set up an automatic payment plan for the unsubsidized loan? Sallie Mae will drop 0.25% off the interest if she can. It helps.

Good luck to her!

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So my daughter starts paying her student loan in January [View all] B2G Dec 2013 OP

the system is designed to help people fail FatBuddy Dec 2013 #1

She's freaking out B2G Dec 2013 #2

they have an income contingent repayment option FatBuddy Dec 2013 #4

We'll definitely look into that B2G Dec 2013 #7

Careful... KansDem Dec 2013 #19

I understand that B2G Dec 2013 #23

This repayment tactic was discussed over at Naked Capitalism. truedelphi Dec 2013 #27

I'm on an ICR plan FatBuddy Dec 2013 #41

Do you still have the phone number you called truedelphi Dec 2013 #44

i did this back during the dubya administration FatBuddy Dec 2013 #46

A big Thank You! n/t truedelphi Dec 2013 #50

You are correct. She may not be able to move out. Glassunion Dec 2013 #5

She can't/won't live here for 10 years B2G Dec 2013 #9

If you don't mind me asking Glassunion Dec 2013 #13

30K. Degree in Communications nt B2G Dec 2013 #16

What I outlined, she will not need to live with you for 10 years. Glassunion Dec 2013 #32

My DH tried to do that with Sallie Mae after he graduated. He was extremely lucky and got in through Hestia Dec 2013 #62

According to current law, there can be no early payment penalty on Federally backed student loans. Glassunion Dec 2013 #68

Wouldn't it also depend on her daily APR? Aren't school loans now like mortgages? Hestia Dec 2013 #63

I used a daily APR calculator. Glassunion Dec 2013 #65

A degree in Communications is valuable if you have a strategy. truedelphi Dec 2013 #33

Thanks for the hot tip B2G Dec 2013 #35

And they do give you jobs to do, truedelphi Dec 2013 #40

If the loan is 30k, then you can seriously lower the payment by ammortizing taught_me_patience Dec 2013 #34

That's an excellent point B2G Dec 2013 #37

If she's in business, her salary with move up fast taught_me_patience Dec 2013 #39

Thanks...she was thrilled. B2G Dec 2013 #56

Yr post is genius. Can you tell me who you talk to to do that? truedelphi Dec 2013 #43

studentloans.gov taught_me_patience Dec 2013 #45

How much does she owe? pnwmom Dec 2013 #55

That's a little melodramatic I think..... llmart Dec 2013 #73

Roommate(s). And a used car. LondonReign2 Dec 2013 #17

She has a 1999 car but will be considering a roommate now for sure nt B2G Dec 2013 #18

Are these federal loans or private? enlightenment Dec 2013 #20

They are federal loans...Sallie Mae B2G Dec 2013 #30

Just a comment - enlightenment Dec 2013 #49

As a parent, I would tell her to continue living with me pnwmom Dec 2013 #54

Not suppose to..... daleanime Dec 2013 #3

mine was $1000 per month right out of school... mike_c Dec 2013 #6

Insanity. nt B2G Dec 2013 #8

Suck it up... ScreamingMeemie Dec 2013 #10

Thank god she has employer healthcare B2G Dec 2013 #12

Who cares? We have more billionaires than any other nation! Egalitarian Thug Dec 2013 #11

What bothers me the most is that SheilaT Dec 2013 #14

She was well aware it would need to be repayed B2G Dec 2013 #15

I don't think that is so at all in most cases. ScreamingMeemie Dec 2013 #21

^^^this B2G Dec 2013 #26

You are nailing it, Sceaming Meemie. n/t truedelphi Dec 2013 #38

nobody forces any one to attend college or even have to borrow to do so beachbum bob Dec 2013 #61

And what you are talking about doesn't appear to be what is happening here. ScreamingMeemie Dec 2013 #77

rude? Countless threads on student loans beachbum bob Dec 2013 #85

Nowhere did the OP state that her daughter didn't intend to repay her loan. ScreamingMeemie Dec 2013 #86

Of course she's going to repay the loan B2G Dec 2013 #88

+1. lightcameron Dec 2013 #91

I was paying $462/mo when I got out Capt. Obvious Dec 2013 #22

Your DU name is most appropriate. B2G Dec 2013 #25

You're also entitled to at least 24months of forberance ... Rosco T. Dec 2013 #24

Well yes and NO! Forbearance is easy to get, but the clock is ticking on that loan. truedelphi Dec 2013 #36

That's not that bad Yo_Mama Dec 2013 #28

Its doable. She spent too much for a 30K starting salary, but she can get out of the hole. aikoaiko Dec 2013 #29

Many starting salaries are 30 K these days. peace13 Dec 2013 #51

She 'spent too much'? B2G Dec 2013 #64

It adds up quickly. peace13 Dec 2013 #81

True, $30K for 4 years of tuition isn't bad. aikoaiko Dec 2013 #82

Did she qualify for grant money? MoonchildCA Dec 2013 #83

What is her balance, ammortization, and interest (I assume 6.9%) taught_me_patience Dec 2013 #31

Here B2G Dec 2013 #42

She could probably consolidate, stretch it, and lower the payments aikoaiko Dec 2013 #47

I think you've got it backwards-interest rate is lower on the *subsidized* Stafford loans kath Dec 2013 #52

Message auto-removed Name removed Dec 2013 #66

The small one is do-able.. she may need to get a night job and devote all the income SoCalDem Dec 2013 #70

Did they mislead her when she borrowed the money? n-t Logical Dec 2013 #48

A bit off topic, but important advice - truedelphi Dec 2013 #53

If she lived with you and you didn't charge her rent pnwmom Dec 2013 #57

It's doable Proud Public Servant Dec 2013 #58

Is this a surprise? beachbum bob Dec 2013 #59

Message auto-removed Name removed Dec 2013 #60

a 30K salary right out of college is normal, sadly laundry_queen Dec 2013 #67

They must be shitty accountants joeglow3 Dec 2013 #79

Nope. All A students. Just not designated yet. laundry_queen Dec 2013 #80

There must be a glut of CPA's then joeglow3 Dec 2013 #84

easy SoCalDem Dec 2013 #69

Best of luck to her shenmue Dec 2013 #71

Thom Hartmann is right: we need a student loan jubilee. Ilsa Dec 2013 #72

Forgiven (paid for) by....? lightcameron Dec 2013 #92

How about a Wall St transaction tax or Ilsa Dec 2013 #93

Here is discussion over at Naked Capitalism about student loans truedelphi Dec 2013 #74

She may qualify for income contingent re-payment... $350 seems quite a lot JCMach1 Dec 2013 #75

Message auto-removed Name removed Dec 2013 #76

my friend's daughter is a 1st year DesertFlower Dec 2013 #78

Congratulations to her on finding employment!! WhaTHellsgoingonhere Dec 2013 #87

Thank you! She is thrilled too B2G Dec 2013 #89

Second job. lightcameron Dec 2013 #90