Now this is funny........

Postby **Greenhead22** » Mon Sep 19, 2005 12:01 pm

I made the final payment on my student loan earlier this month to get it over with. I paid close to 10 grand back in less than 2 yrs, basically screwing the bank out of their interest. I worked at stafford loans the 3 yrs I was at state so I knew how the bank screwed people on their payments and interest.

They fix them up on 10 yr payment plans with 3.5% interest. Mine was setup at $90.00/month for 10 yrs. The first two payments I made a 1/3 of it went towards interest, said screw that so I went to paying 3 and 4 times the min payment.

Now getting back to the final payment. I've been avg less than $4 interest a month lately so I just added $4 to the final payment. I get a damn bill today saying that I owe .74 cents in interest on my last loan. :shock:

These people are something, but then again I guess they're ticked off that I screwed them out of over $3,000 in interest on the setup 10 yrs, ended up getting a little over $200. :lol:

the doctor · Postby **the doctor** » Mon Sep 19, 2005 12:29 pm

congrats on the final payment... it is always nice to be debt free regardless of the type of debt

but keep in mind, while they were screwing you on interest student loans have about the lowest rate of any type of loan and I am sure, as I have received loans myself, that they werent terribly concerned with you ability to repay even though you were taking a $10K loan on an intangible asset

try to take it easy on the student loan and mortgage markets...these are the folks that afford a lifestyle we otherwise (and by we I mean 90-95% of the population) couldnt afford...ie without them what were channces of gettign that education all at once or chances of buying a house without financing

some debt isn't bad, typicaly homes appreciate in value, offsetting to some degree the interest on a mortgage...same goes for student loans your value in the workforce is now higher with a college degree

anyhoo...so much for my lesson in finance...congrats on the repayment in full...now try to convince the IRS that the money you spent for college can be deducted from your future earnings as cost of goods sold

the doc

kaustin · Postby **kaustin** » Mon Sep 19, 2005 12:45 pm

Also, as the doc probably knows, most of the billing programs just spit out statements no matter what the balance. When I looked at mine and saw where I had spent over two dollars on stamps for a patient that owed .25, I realized I had a problem. Congrats on paying them off.

Postby **Greenhead22** » Mon Sep 19, 2005 12:47 pm

What got me fired up about the bank was that my interest rate for repayment was locked in at at little over 3%, since I worked for the student loan office at MSU and knew the loopholes to getting the locked in fixed rate. Well, about 6 months ago I noticed my interest rate jumped and shouldn't have. They noticed that I was well on my way to paying it off without them getting all that interest $$$ so they jacked up the rate.........and did so again 3 months later but by that time it was too late to try to stick me for money. :lol:

I considered that loan to be like my credit card, pay the max or full amount allowed per month and do away with the interest. I'm doing the same now with my rancher, going to take that alloted loan money every month and put it towards that. All my 0% interest on my credit cards expired last month, all 3 jumped up over 10%, highest 18.46% on my cabelas, which is the card I use the most. :roll:

I hate paying interest, seems just like giving away free money to me.

the doctor · Postby **the doctor** » Mon Sep 19, 2005 1:02 pm

me and the new wifey are well on our way to debt free

it takes a pretty good effort on my part each month to convince her we dont need to buy a house yet but other than that she is all on board

being a slave to debt is no way to live no matter the type of loan or interest rate, I can certainly justify however interest on a house or student loan more so than i can just about anything else

of course I made all the neccesary adjsutments to my hunting gear, boats and trucks before we were married

we are taught from day one to spend it before we make it...its no way to live guys

the doc

Dutch Dog · Postby **Dutch Dog** » Mon Sep 19, 2005 3:44 pm

When you get ready to buy let me know.... :lol:

Dr. B · Postby **Dr. B** » Mon Sep 19, 2005 8:38 pm

Debt free way to be! Like some folks here though, and I may be in the minority, I plan to be in some kind of debt forever. But other than my house, the wife's Tahoe, and my remaining student loan, I'm free as well. Worked like a maniac to do it though. I do strongly feel that commerical debt is bad...very bad. Ever paid a $300 payment and seen the balance drop only $10? I've been there brother and I'm never going back. Anyone with sense should pay every damn credit card off (including gas cards) every month. I wouldn't go so far to say that debt is fine. I'd love to be able to scratch a check out for full payment for some hunting property. However, the little 150 acres I plan to buy next year will be a payment I won't mind making!

Dr. B
Montgomery

Money · Postby **Money** » Mon Sep 19, 2005 8:59 pm

dam bankers.

regishay · Postby **regishay** » Tue Sep 20, 2005 11:33 am

yeah im about tired of credit cards myself, they are nice if you buy something online. I paid off my credit card this past month, and when i got my bill in, they raised the interest rate up about 4%. Seemed like everytime i payed off a significant amount they do that and it pissed me off everytime.

Bankermane · Postby **Bankermane** » Tue Sep 20, 2005 3:47 pm

Why payoff 3% money when you owe on the Rancher. Better to payoff higher rates faster. Ask Dave Ramsey. Keep the 3% as long as you can/could.

Greenhead22 wrote::lol:

What got me fired up about the bank was that my interest rate for repayment was locked in at at little over 3%, since I worked for the student loan office at MSU and knew the loopholes to getting the locked in fixed rate. Well, about 6 months ago I noticed my interest rate jumped and shouldn't have. They noticed that I was well on my way to paying it off without them getting all that interest $$$ so they jacked up the rate.........and did so again 3 months later but by that time it was too late to try to stick me for money. I considered that loan to be like my credit card, pay the max or full amount allowed per month and do away with the interest. I'm doing the same now with my rancher, going to take that alloted loan money every month and put it towards that. All my 0% interest on my credit cards expired last month, all 3 jumped up over 10%, highest 18.46% on my cabelas, which is the card I use the most.

I hate paying interest, seems just like giving away free money to me.

Dutch Dog · Postby **Dutch Dog** » Tue Sep 20, 2005 4:26 pm

excellent advice...to pay off the higher ones first.

Postby **Greenhead22** » Tue Sep 20, 2005 6:28 pm

I financed the rancher for $6,000 less than the student loan, so the loan came first......plus I got the rancher at 0%, including my new dell. :lol:

merlebo05 · Postby **merlebo05** » Tue Sep 20, 2005 7:35 pm

kaustin, u work at the hospital in tupelo?

Quack-killer · Postby **Quack-killer** » Wed Sep 21, 2005 8:58 am

Thats a State education working well for ya!

Hey all you Rebels..... Take lessons!

Uncle Judd · Postby **Uncle Judd** » Thu Sep 22, 2005 12:50 am

Be careful of that 0% offer. It never is. Find out the price if ya wrote em a check, then tell them to 0% finance you that amount.
WARNING: make sure they are not taking a swig of coffee when you do this......wouldnt wanna drown the poor fella.

In my experience, the 0% finance offer usually costs the customer anywhere from 15-30% APR.

Now this is funny........

Now this is funny........

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