Getting out of debt.

I can't give any real advice as I'm not from the USA. But damn... this is so unfair. "Congratulations! You´ve finally got your degree! Now pay of your loan". Whoever thought this is good idea to set people up with a debt when they're just out of school is batshit crazy.

Basically came here to say that.

Deleted member 1236967 said:

Whoever thought this is good idea to set people up with a debt when they're just out of school is batshit crazy.

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Without going too tin foil hat here...

I wish I could find it again, but I saw a really good and lengthy video on YouTube that pointed out how everything is connected between college and banks/credit companies. And how antiquated learning at traditional University is due the amount of debt that screws so many people out of the next 10 years of their life trying to pay it off. It explained things really well and made a solid case that the traditional learning model by accumulating huge debt through a university is a scam we need to begin to move away from. Not entirely of course, but video make some excellent points about the 'system' setup to keep the money pumping.

CryptoKujira said:

I'm going to go opposite of everyone else.

If you feel like you can be debt free at 23 by working ridiculous hours for a year, you're way ahead of the game. I say go for it and get that debt monkey off your back.

I don't quite get the people saying get professional help. What's there to get help with? This isn't rocket science. Pay off higher interest debt first, then pay the rest. And of course, don't take on new debt where you can help. Then you have the rest of your life to enjoy living debt free, and building your wealth.

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Yeah. Although I'm getting a lot of advice in the opposite direction I think that's what I'm going to do. Especially if I want to retire early, I really need to start focusing on investments which is hard to do if I have this massive loan.

I was actually in the process of buying an investment property and they told me I can't because my Debt to Income ratio is too high so I had to get a partner.

This loan is going to get in the way of my investments so it may be best just to no-life two years so that I can start my path towards wealth.

People to often see the world as 1 or 2. Look for a third 4th or even 5th answer.
From the lessons and classes I've taken on debt. It can be an asset if used correctly.

Example:
Showing a steady use and paying off of Debt for 4 years LOOKS AMAZING to banks. Who then would love to give you more for say a Larger investment project.

As for Advice:
Read (or in my case Audio Book) Rich dad Poor Dad. He goes trhough what debt is how to use it and its ups and down like a BOSS
I have and own the Audio book in my G Drive > You want it PM ME I gotchu man<

Then come up with a Educated experienced Self Decision.

My Advice:
Be smart with your money, Invest it into a self running business that pays off the debt FOR YOU!
Investing could give you a larger return that pays the debt off faster than simply giving to it the Bank

Use the Cash you would be saving for Plan 1 to grow a Passive Income source

Allowing you to do both 1 and 2 together

Gl man again you want the audio book i gotchu
(*cough read the Book Cough*)

SeoProMatt said:

Total minimum monthly payment is gonna be like $600/month.

Half is 3%-4% interest the other half is 9%-10% interest.

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Seriously, refinance with SoFi so that the whole thing is under 3%. Then just make minimum payments and put your money into actual investments that will beat 3%.

At sub-3%, there's no upside to paying off the loans other than the mental relief. You put $10k into your loans after a year, which cost you 3% interest, or put $10k into an index fund, and make 5%+. Pretty easy choice.