College Loan Advise

evan228 · May 6, 2012

So my college loans are a mess, how I got there is irrelavant, what I looking for is for some financial advise to ease my burdon.

Here are the facts:
-My father has $120K of government loans in his name. Broken up in $40k & $80K with two different agencies.
-I have 30K of goverment loans in my name.

I would like to enroll in the IBR plan for obvious cash flow reasons however because the loans are non-transferable to my name and can not be combined into one federal loan the IBR plan would cause us to pay more then the current rate.

So far we have consolidated everything and increase the amount of time to pay for the loans. The monthly payment is about $1200 (which is still a huge burden).

Questions:
1)Is there a way to combine all the loans or just my Dad's loans to qualify for IBR?
2) If I wanted to lower the payment what other options are there?
3)Thoughts on private loans outside of federal/gov loans?
4) Other ideas? Maybe I am looking at this the wrong way.

Thanks for your help!

BlueTurtle · May 6, 2012

you have come to the right place, this elite trader!!!

max out cc's and trade it....cash out when up 100%, repeat

do reverse mortgage on dad's house.....trade it, make bank

whenever i see college kids partying like a rock star, i always wonder if they know their partying will cost them 3x as much after interest (since they are partying on loaned money. lol). but, u only live once, so do it!!! that girl is worth it!!!

amazing how little kids care about money in 12th grade. like buying a car for the first time.

as soon as you get the loans, the school should give you an F for doing such a dumb trade.

get 4 jobs, work hard, trade all night, and get this paid off asap!!!

sorry the government now owns both of u, but that is their plan (haha).

i do still own 3,500, so it's not like i was never a sheep.

the1 · May 6, 2012

Transfer as much as you can to 0% credit card offers and pay on those cards for 2 years. File for bankruptcy after 2 years and your student loan debt disappears. Check with a bankruptcy attorney first before doing this. I don't know if this will actually fly, it's just a thought.

oldtime · May 6, 2012

Quote from the1:

Transfer as much as you can to 0% credit card offers and pay on those cards for 2 years. File for bankruptcy after 2 years and your student loan debt disappears. Check with a bankruptcy attorney first before doing this. I don't know if this will actually fly, it's just a thought.

I don't think that will fly. Best deal going is to graduate and skip town, like skip the USA. I know a few who moved to Isreal and got good jobs. So far so good. They have dual citenzenship but never pay on the student loans. And masters degrees to boot. If they get a good offer back in the States they will return. Otherwise, no monthly payments, and after doing nothing but going to school for 8 years and too lazy to wait tables it kind of adds up. But I figure, if you're stupid enough to loan it with no collateral other than a threat to ruin a credit rating you deserve to get burned.

oldtime · May 6, 2012

Quote from the1:

Transfer as much as you can to 0% credit card offers and pay on those cards for 2 years. File for bankruptcy after 2 years and your student loan debt disappears. Check with a bankruptcy attorney first before doing this. I don't know if this will actually fly, it's just a thought.

It might fly if like you say 2 years, and then use the cards a lot for other things, be interesting to find out. otherwise, that sounds like a pretty no risk idea, after all, nothing to lose

the1 · May 6, 2012

I think it would squeak by if there is no element of intent to include student loans in a BK proceeding. Like you say, if you use the card for other things and enough time has passed there's a good chance the debt may be forgiven. This is definitely something that requires a BK attorney consultation. I think it's a question of whether the trustee (I don't think it's a judge for personal BK) will question what the CC was used for. If they do then the student loan will not be forgiven. Nowadays, personal BK's are scrutinized more closely than in previous years.

Quote from oldtime:

It might fly if like you say 2 years, and then use the cards a lot for other things, be interesting to find out. otherwise, that sounds like a pretty no risk idea, after all, nothing to lose

Zr1Trader · May 6, 2012

Quote from evan228:

So my college loans are a mess, how I got there is irrelavant,

No it's not,

If you don't learn how/why you did this to yourself in the first place you will repeat mistake in future . Not trying to twist the knife but just think about how you got here for a while and ask yourself what you will do in the future to never make the same mistake again.

Did you listen to others "advice" before doing your own due diligence and mapping out the way you wanted YOUR future to be? Did pressure from others, parents, peers, whoever help you get here?These are hypothetical you can ask yourself when reflecting.

I hope it all works out,

all the best.

oldtime · May 6, 2012

Quote from Zr1Trader:

No it's not,

If you don't learn how/why you did this to yourself in the first place you will repeat mistake in future . Not trying to twist the knife but just think about how you got here for a while and ask yourself what you will do in the future to never make the same mistake again.

Did you listen to others "advice" before doing your own due diligence and mapping out the way you wanted YOUR future to be? Did pressure from others, parents, peers, whoever help you get here?These are hypothetical you can ask yourself when I when reflecting.

I hope it all works out,

all the best.

well first of all, he spent 30k on a college that apparently doesn't even care if he can spell in English

the1 · May 6, 2012

Something important this thread highlights is the trap that parents are getting caught in nowadays. In yester-years it was only the student who took out the loans and was responsible for paying it back. Now, the parents are forced to take loans in their name to put their kids through college. It won't be long before every adult who has a child will be strapped down with student loan debt. This is the next bubble that will implode upon the American economy. Get ready for TARP II. Don't know when but it's coming. The high price of college is being fueled by the ease of borrowing. You don't even need a credit check to obtain money for school.

oldtime · May 6, 2012

Quote from the1:

Something important this thread highlights is the trap that parents are getting caught in nowadays. In yester-years it was only the student who took out the loans and was responsible for paying it back. Now, the parents are forced to take loans in their name to put their kids through college. It won't be long before every adult who has a child will be strapped down with student loan debt. This is the next bubble that will implode upon the American economy. Get ready for TARP II. Don't know when but it's coming. The high price of college is being fueled by the ease of borrowing. You don't even need a credit check to obtain money for school.

I hear ya, If there were no student loans, only the rich could afford college. It would cost a million dollars to get a degree, and eventually the colleges would run out of rich kids to educate, and costs would have to come down, Right? (I haven't thought this one through that deep and I'm trying to watch forex at the moment.)