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I have a VERY large student loan which is currently deferred. I am fortunate to be in a financial position where I am able to make the loan payments once I enter repayment (my husband and I have very little other debt - he has no student loans). Basically, I look at it as giving up a nice car (payment and insurance each month). I work for a university and am beginning my MBA, which will take about 2 years part-time (previous grad work reduced the number of courses required for my MBA). My work pays for my grad studies 100%. A few other background notes, I consolidated my student loans at 3.25% (3% once I sign up for ACH payments), my husband and I would like to buy a condo within 2 years, and we have taken my loan payments into consideration when deciding how much condo we can afford. With my student loans deferred for 2 more years and ING Direct paying me 4.5% for my savings, is it possible for me to make payments toward just the unsubsidized portion of my federal student loan?
In response to considering a career in real estate. I worked in title insurance/mortgage industries for 6 years (including time before and after earning my degree in Economics) and am a licensed title agent. I also worked for a very large bank as a loan processor. Unfortunately, I did not move from the title side to loan processing until after the refi boom and missed out on a lot of money. I will definately make the switch if we get another huge drop in rates! I think it will be something I would consider after finishing my MBA.
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Tags: 6 Years, Ach Payments, Background Notes, Boom, Car Payment, Career In Real Estate, Consolidated Loans, Federal Student Loan, Financial Position, Grad Studies, Grad Work, Insurance Mortgage, Loan Payments, Loan Processing, Loan Processor, Mba, Mortgage Industries, Part Time, Student Loans, Title Insurance
August 26th, 2008 at 2:45 am
Prepaying even a portion can ease your situation later. Start small and see if you can continue. Then pay a little over the minimum each time for as long as you can.
August 28th, 2008 at 7:28 am
I know you hope to follow a certain career path, but have you ever considered taking a slight detour and working a job that might not neccessarily align with what you are studying?
Being that you are an MBA student, it’s clear that you possess a certain amount of professionalism and business prowness. Have you ever considered working in the real estate industry? Depending on your state’s laws and fees, perhaps residential and/or commercial loan origination could be right for you. Your commission comes from a percentage of the client’s total loan amount. So if the loan amount is $3M, your commission is $19,500.
It may just take one transaction to knock those bills out. In most states, there is no long term curriculum needed to do this. There’s just a small course, course fee, and state application fee. Then you find a company that you can work for part-time, some of them allow you to work at home (you set your own schedule).
Good Luck!
August 28th, 2008 at 8:39 pm
if u are in school at least part time, your loans should not b due yet. I have loans in deferrment and I get a statement monthly on how much my interest is on my unsub. portion..I have the option to pay it or not..so you should be able to as long as they are in deferrment..
August 30th, 2008 at 11:08 am
The Army will pay off up to $65,000 in Student Loans, in just 3 years. Plus bonuses up to $40,000 mean a possible $105,000. As far as the home purchase, you will qualify for a VA home loan after 181 days of service.
Add all of that to the salary, you can also have the nice car. Housing is free until you purchase one, and you will receive a Housing Allowance (mine is $2800 a month-tax free).
You can also take a military drop from the University you are attending and enroll again after you get out, if you did not finish your MBA while you serve.
Just ask yourself, are you really serious about what you want to do??? If so, take a deeper look at it. If not, good luck, you know what could have been.
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