Serious Debt Question:

Salvation27 · Today, 12:59 PM

About $45,000 in debt for student loans.... Asking for suggestions/ help in regards how to pay this off quickly rather than do the 30 year time span.

Have been paying for a few years now- however it looks like no dent has been put into them.

I do have a car loan- however will probably close my old 401k, which was rolled over to a Roth IRA years ago and get that taken care of. It isn't really accruing anything where it's at now, and I'm not worried about the 23% penalty for withdrawing. I'd rather do that then have the debt.

I don't waste my $ on ****. I only use it for expenses that are necessary:

Gas
Food (*IF* I do go out to eat, which is rarely)
Car Insurance
Car Payment
Student Loans
Cellphone
And random gym supplies (about or less than $100/ month- but that's not every month)

I do NOT have any credit card debt.

I'd really like to hear how quickly I can get rid of this. I was hoping/ shooting for 2-3 years TOPS.

And, I did search "debt" to see if any threads were open, however the last one was from 2005. Times have changed

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dr_wheel · Today, 01:00 PM

Travel back in time and don't take out student loans.

r0bman · Today, 01:00 PM

Ask your brother-in-law. Just don't touch him.

matigas_TT · Today, 01:01 PM

Ummm where do u work now? Can your current employer help u?

RastaMon · Today, 01:01 PM

Sell the car, buy a bike.

Or at least just get a beater car for awhile.

Jubert69 · Today, 01:02 PM

You can start by getting rid of your premium gas guzzling econobox.

Schniz · Today, 01:02 PM

Sell drugs

CatfaceType-R · Today, 01:03 PM

Quote:

Originally Posted by dr_wheel

Travel back in time and don't take out student loans.

I wish I had taken loans; I'm the Van Wilder of Detroit.

Tweeter · Today, 01:03 PM

Find a gun. Rob a bank.

Quote:

Originally Posted by Schniz

Sell drugs

Or this. Seriously.

markman · Today, 01:03 PM

Is this a regular question about serious debt, or a serious question about regular debt?

sorbee711 · Today, 01:03 PM

Kinda hard to know how quickly you can pay it down without knowing after your monthly expenses how much money you have left over. I mean if you are basically living paycheck to paycheck you can't pay it down in 3 years. But if you have lots of extra money each month and a 3-6 month emergency fund, 100% of your excess cash should probably go to paying it down. Details are important.

Also, how do you have a car loan on a 7 year old car?

Jubert69 · Today, 01:03 PM

http://forums.nasioc.com/forums/show....php?t=2494185 <-- Your WTB for coilovers.
http://forums.nasioc.com/forums/show....php?t=2502896 <-- Your WTB for Swaybars.

"I don't waste my $ on ****. I only use it for expenses that are necessary"

Salvation27 · Today, 01:03 PM

Quote:

Originally Posted by Jubert69

You can start by getting rid of your premium gas guzzling econobox.

This- was contemplating it, however, AWD would be great for winter traveling to work (its about 35 miles each way)

Tilapia · Today, 01:04 PM

Where do you live? If rent, get roomie or move to lower cost place.

Get another job.

Sperm bank.

Salvation27 · Today, 01:04 PM

Quote:

Originally Posted by Jubert69

http://forums.nasioc.com/forums/show....php?t=2494185 <-- Your WTB for coilovers.
http://forums.nasioc.com/forums/show....php?t=2502896 <-- Your WTB for Swaybars.

"I don't waste my $ on ****. I only use it for expenses that are necessary"

Yes- but never did such

Salvation27 · Today, 01:04 PM

Quote:

Originally Posted by Tilapia

Where do you live?
Get another job.

Sperm bank.

NJ

Was thinking 2nd Job but then really no social life

And how much you get per load?

RastaMon · Today, 01:04 PM

Quote:

Originally Posted by Salvation27

About $45,000 in debt for student loans.... Asking for suggestions/ help in regards how to pay this off quickly rather than do the 30 year time span.

Have been paying for a few years now- however it looks like no dent has been put into them.

I do have a car loan- however will probably close my old 401k, which was rolled over to a Roth IRA years ago and get that taken care of. It isn't really accruing anything where it's at now, and I'm not worried about the 23% penalty for withdrawing. I'd rather do that then have the debt.

I don't waste my $ on ****. I only use it for expenses that are necessary:

Gas
Food (*IF* I do go out to eat, which is rarely)
Car Insurance
Car Payment
Student Loans
Cellphone
And random gym supplies (about or less than $100/ month- but that's not every month)

I do NOT have any credit card debt.

I'd really like to hear how quickly I can get rid of this. I was hoping/ shooting for 2-3 years TOPS.

And, I did search "debt" to see if any threads were open, however the last one was from 2005. Times have changed

just in case

Salvation27 · Today, 01:06 PM

I know OT's great at mocking, ridiculing, tormenting, and being upfront/ honest/ helpful at times.

Can we try to do the helpful part this time around?

Matt A · Today, 01:06 PM

Whats the rate on the student loans?

More than likely it's pretty cheap.

Stretch18 · Today, 01:06 PM

What's the APR on your student loans? I think you should consider re-allocating your IRA/401k, instead of cashing out. Makes much, much more sense long term than paying off student loans...

Asinine · Today, 01:06 PM

What's the interest rate on the loans?

Tilapia · Today, 01:07 PM

Total expenses = how much % of your income? Seems like it's 95.8%

Salvation27 · Today, 01:07 PM

Well- I'd use the Roth $ to pay off car- not student loans.

My loan rates range from 5-9%

cnw · Today, 01:07 PM

Quote:

Originally Posted by Schniz

Sell drugs

bam

/thread

Salvation27 · Today, 01:07 PM

Quote:

Originally Posted by Tilapia

Total expenses = how much % of your income? Seems like it's 95.8%

Actually- let's say I take home $4000/ month.

My expenses are about: $2400/ month

Today, 12:59 PM	#1
Salvation27 Scooby Specialist Member#: 292403 Join Date: Aug 2011 Chapter/Region: Tri-State Location: In Van Down By Rockaway River Vehicle: 2006 WRX Aspen White	Serious Debt Question: About $45,000 in debt for student loans.... Asking for suggestions/ help in regards how to pay this off quickly rather than do the 30 year time span. Have been paying for a few years now- however it looks like no dent has been put into them. I do have a car loan- however will probably close my old 401k, which was rolled over to a Roth IRA years ago and get that taken care of. It isn't really accruing anything where it's at now, and I'm not worried about the 23% penalty for withdrawing. I'd rather do that then have the debt. I don't waste my $ on ***. I only use it for expenses that are necessary: Gas Food (IF* I do go out to eat, which is rarely) Car Insurance Car Payment Student Loans Cellphone And random gym supplies (about or less than $100/ month- but that's not every month) I do NOT have any credit card debt. I'd really like to hear how quickly I can get rid of this. I was hoping/ shooting for 2-3 years TOPS. And, I did search "debt" to see if any threads were open, however the last one was from 2005. Times have changed * Registered users of the site do not see these ads.

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Today, 01:00 PM	#2
dr_wheel Scooby Specialist Member#: 60106 Join Date: Apr 2004 Chapter/Region: Tri-State Location: Pennsyltucky Vehicle: I eat pieces of ** like you for breakfast	Travel back in time and don't take out student loans.

Today, 01:00 PM	#3
r0bman Scooby Specialist Member#: 87015 Join Date: May 2005 Location: Mos Eisley, TA 85281	Ask your brother-in-law. Just don't touch him.

Today, 01:01 PM	#4
matigas_TT Scooby Newbie Member#: 322775 Join Date: Jun 2012 Vehicle: 2012 WRX White	Ummm where do u work now? Can your current employer help u?

Today, 01:01 PM	#5
RastaMon Scooby Newbie Member#: 106431 Join Date: Jan 2006 Location: (⌒▽⌒)	Sell the car, buy a bike. Or at least just get a beater car for awhile.

Today, 01:02 PM	#6
Jubert69 Scooby Specialist Member#: 167739 Join Date: Dec 2007 Location: CT Vehicle: 04 WRX	You can start by getting rid of your premium gas guzzling econobox.

Today, 01:02 PM	#7
Schniz Scooby Newbie Member#: 158349 Join Date: Sep 2007 Chapter/Region: NESIC Location: Nashua, NH	Sell drugs

Today, 01:03 PM	#10
markman Scooby Newbie Member#: 93623 Join Date: Aug 2005 Location: sometimes I poop too much Vehicle: then I get tired	Is this a regular question about serious debt, or a serious question about regular debt?

Today, 01:03 PM	#11
sorbee711 NASIOC Supporter Member#: 14259 Join Date: Jan 2002 Chapter/Region: NESIC Location: Shrewsbury, MA Vehicle: OT, we're a-holes b/c we are bored at work	Kinda hard to know how quickly you can pay it down without knowing after your monthly expenses how much money you have left over. I mean if you are basically living paycheck to paycheck you can't pay it down in 3 years. But if you have lots of extra money each month and a 3-6 month emergency fund, 100% of your excess cash should probably go to paying it down. Details are important. Also, how do you have a car loan on a 7 year old car?

Today, 01:04 PM	#14
Tilapia Scooby Newbie Member#: 42454 Join Date: Aug 2003 Chapter/Region: SWIC Location: AZ	Where do you live? If rent, get roomie or move to lower cost place. Get another job. Sperm bank.

Today, 01:06 PM	#18
Salvation27 Scooby Specialist Member#: 292403 Join Date: Aug 2011 Chapter/Region: Tri-State Location: In Van Down By Rockaway River Vehicle: 2006 WRX Aspen White	I know OT's great at mocking, ridiculing, tormenting, and being upfront/ honest/ helpful at times. Can we try to do the helpful part this time around?

Today, 01:06 PM	#19
Matt A NASIOC Vendor Manager Member#: 15382 Join Date: Feb 2002 Chapter/Region: NESIC Location: Cambridge, MA Vehicle: . 2005 OBXT LTD 2002 WRX (for sale!)	Whats the rate on the student loans? More than likely it's pretty cheap.

Today, 01:06 PM	#20
Stretch18 Scooby Newbie Member#: 239822 Join Date: Mar 2010 Chapter/Region: South East Location: (╯°□°)╯ [__] Vehicle: 2010 WRX	What's the APR on your student loans? I think you should consider re-allocating your IRA/401k, instead of cashing out. Makes much, much more sense long term than paying off student loans...

Today, 01:06 PM	#21
Asinine Sufficiently Snarky Member#: 55173 Join Date: Feb 2004 Chapter/Region: MAIC Location: I beat up big rocks Vehicle: with paddles.	What's the interest rate on the loans?

Today, 01:07 PM	#22
Tilapia Scooby Newbie Member#: 42454 Join Date: Aug 2003 Chapter/Region: SWIC Location: AZ	Total expenses = how much % of your income? Seems like it's 95.8%