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  1. #16
    A little eccentric warhols__muse's Avatar
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    Default Re: Need some loan advice

    I don't think the 65 dollars is worth it ... and I have no idea what your loan amount is but one percent can be a lot of money.

  2. #17
    KAY lambdalady2's Avatar
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    Default Re: Need some loan advice

    Umm this person above me is RUDE ^^^
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  3. #18
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    ^^^ Don't worry, I deleted it. It was just spam.

  4. #19
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    Quote Originally Posted by warhols__muse View Post
    I don't think the 65 dollars is worth it ... and I have no idea what your loan amount is but one percent can be a lot of money.
    See, that's what I'm trying to figure out. Is the extra $65 a month going to worth having to pay the loan for an additional year and all of the interest that would come along with it. I mean, I guess it is possible that I would be able to pay it off early if I were to get a good job right away.

  5. #20
    KAY lambdalady2's Avatar
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    Default Re: Need some loan advice

    Well exactly. You will get a good job :) I'm working full time and paying off both my undergrad and grad school. I owe about 20gs but because im working I am able to cut down the loan as im in school and still have money to splurge hehe.




    thanks for deleting the spam!!
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  6. #21
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    My husband just called me (his typical lunch break phone call:rolleyes:). I told him that I had gone to the bank and talked to my loan officer "out of curiosity". I told him that it was only $65 less a month. He said that he didn't think it was worth it. He thinks its best if I have the loan paid off before my student loans come due. Because "what if something else comes up?".

    So what about a skip payment? My bank allows you to skip a payment for a fee of $30. They limit you to one per year. But I could use my loan payment money to pay some other stuff and get everything caught up.

  7. #22
    KAY lambdalady2's Avatar
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    Default Re: Need some loan advice

    So what about a skip payment? My bank allows you to skip a payment for a fee of $30. They limit you to one per year. But I could use my loan payment money to pay some other stuff and get everything caught up.

    I do that hehe
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  8. #23
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    ^^^ You skip payments? So do you think that would be a better idea?

  9. #24
    KAY lambdalady2's Avatar
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    Default Re: Need some loan advice

    I skipped a payment once but it wasnt so bad because I usually pay five times more then what they ask.
    Citi ask that I pay about $45.00 while im in school. Of course if I wasnt in grad school it would be a lot more, like $300.00 a month. Since I am working I decided to just pay $300 to $400 a month rather then the $45.00 bucks they ask me to pay.

    So what happens is that the extra money is applied toward the principle(my choice)

    when I pay more then what I owe that month, citibanks gives me this option:

    “Apply Extra Toward Principal” checkbox, any extra money applied to your account will go towards the principal only and will not advance the next payment due date.

    hope im not confusing you lol.
    Last edited by lambdalady2; August 6th, 2008 at 10:49 AM. Reason: typo
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  10. #25
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    Seems a bit complicated. But these are student loans you have with Citi? My loan with my credit union is a 4 year personal loan. Believe me, the payment is way more than $40 a month. LOL! The payment amount already has the interest built into it. When I make a payment, the receipt says this amount went to interest and this amount went to principle. I think if I choose to skip a payment, then it will just add an extra payment onto the end of the loan.

  11. #26
    KAY lambdalady2's Avatar
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    Default Re: Need some loan advice

    Loans are complicated

    yes my loan is a student loan from citi. Of course all lenders do their own thing so its hard to know what is best.
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  12. #27
    A little eccentric warhols__muse's Avatar
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    Default Re: Need some loan advice

    If you skip a payment, the way I understand it ... you will just pay that extra amount with your payment next month (or whatever month after you skipped a payment) and the payment you didn't make that month will just continue to accumulate interest like it normally would.

    Sorry if that didn't make any sense, it would be just like one extra month of interest. In my opinion, not a big deal ... and it will help you get caught up.

  13. #28
    Official Bagista
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    Default Re: Need some loan advice

    Quote Originally Posted by boysRsmelly View Post
    ^^^ You skip payments? So do you think that would be a better idea?
    whoa..skipping pymts is a bad idea...lowers your credit rating and will increase things like your car insurance, etc.

    What would be your ramifications for filing bankruptcy? I'd talk to an attorney to see your options so you can get a fresh start. Stdent loan debt can never be discharged so beware...filing will totally ruin your score but you and Hubby can look to the future and rebuild

    There's a great show on CNBC called On The Money every nigt at 8et go to onthemoney.cnbc.com to check it out. Oh and my idol Suze Orman is on Saturday night at 8et. You can submit questions to both shows...it would help to watch them though because there are so many people in the same situation

  14. #29
    Moderator and Blogger boysRsmelly's Avatar
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    Default Re: Need some loan advice

    Nashville - Why would skipping a payment lower my credit score? The bank would have to approve it, there's an application you fill out. It's not like I just simply wouldn't pay them for a month.
    As far as bankruptcy goes, I can't do that. When you file for bankruptcy then you no longer qualify for financial aid.

  15. #30
    ♥ Moderator ♥ Zombiegirl's Avatar
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    Default Re: Need some loan advice

    Quote Originally Posted by boysRsmelly View Post
    Does anyone else have any opinions or suggestions?
    I am really sorry that I am not any help. My husband handles all of the financial stuff here.
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