Because I'm on the #slowtrack I've been considering this. Anyone have any experience doing this? If so what are some dos and don'ts.

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Don't refinance at a higher rate.

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What does refinance mean?

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Move.

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Good people drink good beer - Hunter S. Thompson

<º)))><

Waiting for the time when I can finally say
That this has all been wonderful, but now I'm on my way

Take a bullshit class until you get on the fast track. #Deferment

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Be well

GO BEARS!!!

Just stop paying and let the school foreclose.

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I was going to suggest writing it off, but if you don't that leash's advice makes a lot of sense.

Stop paying the bill. When collections calls, pretend you are the cleaning person. Hello? Spiral Stairs no here.

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Good people drink good beer - Hunter S. Thompson

<º)))><

Waiting for the time when I can finally say
That this has all been wonderful, but now I'm on my way

Everyone sux.

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Seems like that diploma was dollars well spent.

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Hire Julie Dicaro.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

Hire a lawyer.

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fake your own death

I paid as I went so I don't have personal experience with student loans. My co-workers have had success with SoFi. Also, there are consolidation programs so I would check out the DOE site.

https://studentaid.ed.gov/sa/repay-loan ... #how-apply

Beyond those options, I doubt there is much in the private market that will be attractive because those loans are already subsidized by the Federal Government Guarantee. And unlike other forms of debt, you cannot discharge those loans in even in Chapter 13. So just find a way to pay them.

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Hawaii (fuck) You

I've refinanced a couple times with my loans. What specific questions do you have?

Is that program still being floated where the entire loan is forgiven ? Public service job, 10 years minimum of making your payments , etc to qualify? T

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Proud member of the white guy grievance committee

It aint the six minutes. Its what happens in those six minutes.

Once consolidated, I've understood that your only option to "refinance" is a personal loan...that federal loans are not able to be refinanced...

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Yes. You have to work for a 501c3 company, make a minimum of 10 years worth of payments on a qualified repayment plan option.

That last part is tricky. Only the most "expensive" repayment options qualify.

That system never made sense to me.

You had to be on a ten year repayment program. And after ten years of payments, your loan is forgiven? Um, it's paid off in ten years, not "forgiven."

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It's a little misleading. In my case, I would have a small remainder after the 10 years depending on which repayment plan I chose. It became a question of keeping my current repayment plan and adding extra on months I could afford to, or pay double my current monthly payment to "save" a small percentage down the road.

And you've paid more in interest than you'd "save" at the end...

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Exactly. I feel like I'm missing out on not partaking in the program... but my decision may very well become moot after Betsy blows everything up.

Just buckle down and attack the debt. My wife and I decided to say enough and we paid off $80k in combined student loans in less than 4 years. Now we have no payments other than our house/utilities/insurance

It meant living on far less than we make, but it was worth it in the long haul. Extra on the house, kid's college (529's), and Roth IRA are our big targets now

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“When I walked in this morning, and saw the flag was at half mast, I thought 'alright another bureaucrat ate it.'" - Ron Swanson

My wife is doing this. only 5.5 more years to go!

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@audioidkid

Just a note, but when you hit that 10 year mark, whatever is discharged must be declared as income and you'll have to pay income tax on that amount. Depending upon your bracket that may be 25% on the "forgiven" amount

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“When I walked in this morning, and saw the flag was at half mast, I thought 'alright another bureaucrat ate it.'" - Ron Swanson

Oh, yeah... there's that too.

Ehhh you sure about that?

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Proud member of the white guy grievance committee

It aint the six minutes. Its what happens in those six minutes.

100% sure, whatever the balance is that gets forgiven after the 10 years of repayment must be reported as taxable income.

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“When I walked in this morning, and saw the flag was at half mast, I thought 'alright another bureaucrat ate it.'" - Ron Swanson

https://studentaid.ed.gov/sa/sites/defa ... stions.pdf

not according to this PDF.

3. Are loan amounts forgiven under PSLF considered taxable by the IRS?
No. According to the Internal Revenue Service (IRS), student loan amounts forgiven under PSLF are not considered income for tax purposes.

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@audioidkid

Bingo. I thought I read that somewhere but wasn't sure. Who knows , maybe Le Grande Orange will change it.

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Proud member of the white guy grievance committee

It aint the six minutes. Its what happens in those six minutes.