Good luck with becoming a first time home buyer!
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I'm very disappointed by this plan. Suze may have tackled the short-term cash flow issues of being unemployed. But she pretty much destroyed the long-term picture by advising to sell the house. She also had no plan whatsoever for paying down the student loans. In fact, she just kicked the can down the road by extending the duration to lower the payments. Well that's just going to add even more interest.
No choice. 2-3 years undergrad required + 4 years of school. I went to public school for undergrad x 4 years + private school (cheaper than UCSF, public school, actually) and I'm in > 200k
Full price payment on loans is $2k/mo (they're in repayment now), IBR on resident salary brings it to $300/mo, will rise to ~$800-$1000/mo on full salary x 10 years.
Numbers crunched, I seem to be fine. :
Okay let me get this straight here.
You are saying you are worth 2 million dollars. BUT you want to take out a 30 year LOAN for a 600K house?
So you recommend people to take out loans for houses even if they can paid it off in cash?
But in 30 years you will be paying very heavy interest rates....you might end up paying over 1M for your house.
I see what you are saying...but do you really have a GUARANTEE WAY TO MAKE 10%+ or 20%+ NET GAIN with your money???
The ONLY way I can justify NOT paying off a mortagage ASAP or student loans ASAP is if I have some magically GUARANTEE WAY that I can earn a 20%+ NET GAIN in every penny I own.
If I can really make 20%+ in NET profit with every single dollar I have then sure...I'll worry about that cheap 6.8% student loan LATER....
But who has this guarantee WAY TO MAKE BIG BUCKS????
I mean GUARANTEE...
Don't you mean unsubsidized Staffords get the interest that accumulated during school capitalized once you start repayment?
I can't stand any of my loans. I saw on one site that I've paid over 10k to my loans and while the one close to 5k is paid in full, the other two staffords that were taken out at max for sub and unsub only dropped close to 2k. It literally feels like my money is going nowhere. As for the other site where I've paid over 20k, I've almost knocked out my 16k loan and am about to start on the other big loan there. It's just frustrating when you're trying to get rid of your loans from sallie mae and great lakes but the interest itself holds you back from making real progress.
I am actually the pharmacist who appeared on that particular show and I noticed several hateful remarks made about me, my situation, and the general stupidity of anyone who is in my position. I just wanted to make a few things clear. First, the general attitude of many of the commentators regarding my short clip is aggressive and snotty at best. I especially take offense to one of the first comments indicating what a "loser" I must be and questioning my "defect" for not being able to find work for over 18 months. The simple explanation is that there are very limited jobs in my area of the country. I am in no way a loser, although I dare state that the person commenting that I am must himself be one. Second, my husband and I mortgaged a reasonable home and put well over 20% down. We also had no problem obtaining approval for a mortgage. Third, it is very common for anyone who is trying to obtain a professional level degree to owe this much in student loans, neither my husband nor myself are crazy or stupid in any way. In fact, if anyone actually watches the clip they will have a greater understanding of our true situation, which is that we are a high income-high debt household. Our emergency fund probably puts many to shame and we are proud to be the professionals that we are. Lastly, to the young woman who stated that she would never even date anyone who held any kind of debt, good luck Honey, you will be alone for a long time with the kind of standards you have set for yourself. My best advice to you, and the advice I believe Suze would give also, is to invest some serious cash into the best damn vibrator on the market because there isn't a man around who wants to date the kind of bitch you are. Best regards to all
Yet somehow they were able to qualify for a mortgage? Thought that was impossible with student loan debt.
Thanks BMBiology, it actually did all hurt my feelings at first but you are correct, once the real world slaps them in the face they may not be too quick with the hate! Thanks for you kindness. I think I will stop reading about myself now, most of what I am reading isn't even true
Happy Holidays to you and yours.
My remark was sarcastic, in response to this claim:
This is a common theme of BMB's posts - that people with student loan debt can't get mortgages. The post you quoted was poking fun at that, not at you. You are reacting to something that wasn't even about you.
I realize, if you aren't used to following forum threads, that the meandering conversations can get confusing. I assure you, I was not making fun of your situation. I actually have little interest in your situation at all. I didn't even watch the video.
I was only interested in countering the misinformation that "high student loan debt" = never owning a home.
Also, thanks for the well wishes about my daughter. She's dead. She was murdered almost five years
Happy Holidays.
We all have our sob stories lady, and just as you are uninterested in me, I am uninterested in you and your daughter as well. As sarcastic as you say you have been, I thought you would recognize sarcasm in my tone as well. Let's end this here while its still friendly
Welcome to SDN.
