Following on your comments ... I know a 63 year old woman who still owes $22,000 (how is she going to repay?). To add new information, back in the early years 1950's to at least the 1970's an attitude existed that the student loans are government backed and the governement won't pursue repayment (which was true for a long time). Today, the government is collecting the old student loans by taking part of the retiree's Social Security Benefits. The thought for the day "there is no free ride"!

FrankN wrote:

JGibbs wrote:

FrankN wrote: I agree and I think this generation needs to learn more about what debt is, and understanding how much they should really be taking out in loans.

I'm not sure the students have much choice unless their parents goosed their college savings. But, I do think it's important to push students towards majoring in something that will get them hired in the future.

Totally agree and I am not saying they deserve to be in that position. BUT they need to know what they are getting themselves into and need to understand the debt they are potentially taking on.

When you get out of high school, you're just a kid and someone is offering to hand you what seems like free money. I know a lot of people who took larger loans to cover life while in college. When I was offered a loan, I only took what I needed to cover the year, including books. I sent back quite a bit of money, and my loans were paid off within a few years, while some of my buds are still griping about how much they owe.

JGibbs wrote:

FrankN wrote: I agree and I think this generation needs to learn more about what debt is, and understanding how much they should really be taking out in loans.

I'm not sure the students have much choice unless their parents goosed their college savings. But, I do think it's important to push students towards majoring in something that will get them hired in the future.

Totally agree and I am not saying they deserve to be in that position. BUT they need to know what they are getting themselves into and need to understand the debt they are potentially taking on.

FrankN wrote: I agree and I think this generation needs to learn more about what debt is, and understanding how much they should really be taking out in loans.

I'm not sure the students have much choice unless their parents goosed their college savings. But, I do think it's important to push students towards majoring in something that will get them hired in the future.

I sure do agree with you on getting the government to help pay for this extremely expensive education that we all need. My student loans are out of control, but I didn't have a choice if I wanted to go to college. I piece-mealed my first two years then decided to go full time to finish my degree before I got too old. I got it done and went straight to work, however, the payments that the student loan required were high and left me not paying other things. Still struggling.

I agree and I think this generation needs to learn more about what debt is, and understanding how much they should really be taking out in loans.

I think more kids would go to college if they weren't in debt up to their eyeballs when they got out of school. I would continue on for sure.

patse wrote: I have read that too. It works with your mortgage too. Some months have an extra week and that means one extra payment each year. I wish that the Government would offer more financial help to students in college.

I can't agree more. Even though this loan waits until we get a steady job, I don't like that sensation of being hunted. But then you can't help it, because you need the money. Perhaps the government can give financial support to the schools instead of making the students indebted.

I have read that too. It works with your mortgage too. Some months have an extra week and that means one extra payment each year. I wish that the Government would offer more financial help to students in college.

It's important to keep on repayment track for this kind of long-term loan. The risk to have the plan destroyed (thus prolonging the repayment period) increases otherwise. I read tips about paying back bi-weekly by splitting the monthly target in two. We can make a full extra payment over the year.

That must be a great feeling. I cannot wait when I have paid off our student loans! I have a 5 year plan and as of now I am on track!

I'm thankful that I have paid my student loans off already. I started paying them when I was still in college. This helped me keep the interest lower. My parents also helped pay them.

I know someone who put every single cent of unexpected or additional income into making extra payments. From a coin found on the floor, and birthday cash, to money picked up for doing some ad-hoc extra work, it all made a difference.

I would love to know as well what others have done to pay off their student loans quickly. I have only one, however, I have decided to defer my payments until next year when I am in a better financial position. It pains me to see the balance increase because of all the interest and cannot wait until I am able to pay it all off!

Interesting approach, and I like the idea. Can you tell me a little bit more about your student loans including total amount, term, and interest rate(s)? I may be able to give you some additional insights on how to save even more over the life of your loans.