Comments on: How Should I Start Paying Off Student Loans? http://www.onemoneydesign.com/how-should-i-start-paying-off-student-loans/ Christian Stewardship and Personal Finance Blog Tue, 22 May 2012 12:02:44 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Finances: How to Pay Off Your Old College Debt ASAP - Daily Skin Care Tips http://www.onemoneydesign.com/how-should-i-start-paying-off-student-loans/comment-page-1/#comment-235991 Finances: How to Pay Off Your Old College Debt ASAP - Daily Skin Care Tips Thu, 06 Oct 2011 19:28:24 +0000 http://onemoneydesign.com/blog/?p=7095#comment-235991 [...] Before You Run Out of Time (Hardcover) ... Three Magic Rules (Kindle Edition) ... Are you currently a woman who has lately completed college? When you have, your concentrate may be ...rtant that you simply place a concentrate on the repaying of your college loans. Sadly, several [...] [...] Before You Run Out of Time (Hardcover) … Three Magic Rules (Kindle Edition) … Are you currently a woman who has lately completed college? When you have, your concentrate may be …rtant that you simply place a concentrate on the repaying of your college loans. Sadly, several [...]

]]> By: Are you in a debt cycle? If so, it’s time to get out! http://www.onemoneydesign.com/how-should-i-start-paying-off-student-loans/comment-page-1/#comment-55762 Are you in a debt cycle? If so, it’s time to get out! Sat, 27 Nov 2010 16:02:40 +0000 http://onemoneydesign.com/blog/?p=7095#comment-55762 [...] and more educated, or debt free and position yourself to be open to more opportunities.  Rather, start paying off your student loans and promise to never get new [...] [...] and more educated, or debt free and position yourself to be open to more opportunities.  Rather, start paying off your student loans and promise to never get new [...]

]]> By: Mark http://www.onemoneydesign.com/how-should-i-start-paying-off-student-loans/comment-page-1/#comment-18359 Mark Thu, 19 Aug 2010 22:07:49 +0000 http://onemoneydesign.com/blog/?p=7095#comment-18359 I agree with #1, it really starts buying prioritizing, and paying down your highest interest debt first. I agree with #1, it really starts buying prioritizing, and paying down your highest interest debt first.
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]]> By: Church Loans http://www.onemoneydesign.com/how-should-i-start-paying-off-student-loans/comment-page-1/#comment-13398 Church Loans Tue, 20 Jul 2010 14:20:57 +0000 http://onemoneydesign.com/blog/?p=7095#comment-13398 Jason, I tend to agree with you that placing a high priority on paying off credit cards as early as possible is necessary. There are so many loopholes that allow the banks to raise the interest rate on the card. I have a cousin who took her credit payment to her bank on time and the bank was slow in sending the money to the credit card processing facility. They subsequently raised her rate to 21%. Our government has imposed stricter laws on banks to try to stop some of this "highway robbery" but I suspect much of it will continue. Jason,

I tend to agree with you that placing a high priority on paying off credit cards as early as possible is necessary. There are so many loopholes that allow the banks to raise the interest rate on the card. I have a cousin who took her credit payment to her bank on time and the bank was slow in sending the money to the credit card processing facility. They subsequently raised her rate to 21%. Our government has imposed stricter laws on banks to try to stop some of this “highway robbery” but I suspect much of it will continue.

]]> By: Carnival of Personal Finance #258 – Cities at Night | Business and Sports http://www.onemoneydesign.com/how-should-i-start-paying-off-student-loans/comment-page-1/#comment-10534 Carnival of Personal Finance #258 – Cities at Night | Business and Sports Tue, 22 Jun 2010 04:39:20 +0000 http://onemoneydesign.com/blog/?p=7095#comment-10534 [...] from One Money Design presents How Should I Start Paying Off Student Loans, and says, “Many students will graduate with student loan debt this year. Follow these steps [...] [...] from One Money Design presents How Should I Start Paying Off Student Loans, and says, “Many students will graduate with student loan debt this year. Follow these steps [...]

]]> By: Jason Price http://www.onemoneydesign.com/how-should-i-start-paying-off-student-loans/comment-page-1/#comment-10197 Jason Price Fri, 18 Jun 2010 13:17:04 +0000 http://onemoneydesign.com/blog/?p=7095#comment-10197 Hi Tia, I would agree to try not to become overwhelmed. There is relief from stress and anxiety with a good plan and living by God's financial principles. Hi Tia, I would agree to try not to become overwhelmed. There is relief from stress and anxiety with a good plan and living by God’s financial principles.

]]> By: Tia http://www.onemoneydesign.com/how-should-i-start-paying-off-student-loans/comment-page-1/#comment-10125 Tia Thu, 17 Jun 2010 16:40:50 +0000 http://onemoneydesign.com/blog/?p=7095#comment-10125 Awesome! I think the biggest thing to remember (and the hardest lesson learned, even for me) is to be honest with yourself about what's going on, and to not be overwhelmed by the debt. .-= Tia´s last blog ..<a href="http://www.overturemarketplace.com/10-tips-for-paying-back-your-student-loans" rel="nofollow">10 Tips for Paying Back Your Student Loans</a> =-. Awesome! I think the biggest thing to remember (and the hardest lesson learned, even for me) is to be honest with yourself about what’s going on, and to not be overwhelmed by the debt.
.-= Tia´s last blog ..10 Tips for Paying Back Your Student Loans =-.

]]> By: Carnival of Personal Finance #258 – Cities at Night | FinanceMoz.com http://www.onemoneydesign.com/how-should-i-start-paying-off-student-loans/comment-page-1/#comment-8803 Carnival of Personal Finance #258 – Cities at Night | FinanceMoz.com Sat, 05 Jun 2010 18:29:21 +0000 http://onemoneydesign.com/blog/?p=7095#comment-8803 [...] from One Money Design presents How Should I Start Paying Off Student Loans, and says, “Many students will graduate with student loan debt this year. Follow these steps [...] [...] from One Money Design presents How Should I Start Paying Off Student Loans, and says, “Many students will graduate with student loan debt this year. Follow these steps [...]

]]> By: Jason Price http://www.onemoneydesign.com/how-should-i-start-paying-off-student-loans/comment-page-1/#comment-7799 Jason Price Wed, 26 May 2010 01:39:39 +0000 http://onemoneydesign.com/blog/?p=7095#comment-7799 Ace, I suppose it depends on which method of debt pay off you prefer. If you're following the debt snowball (lowest debt first) you would work on the student loans if they had the lowest balance regardless of the tax deduction. The student loans would most likely be at the bottom of the list if you pay highest interest debts first. Personally, I like the snowball to get people excited about paying of debt and to gain some momentum. Then, reconsider how the remaining debts will be paid. The tax deduction definitely makes them cost less, but in the end they're debt too and should be eliminated as quickly as possible. Ace, I suppose it depends on which method of debt pay off you prefer. If you’re following the debt snowball (lowest debt first) you would work on the student loans if they had the lowest balance regardless of the tax deduction. The student loans would most likely be at the bottom of the list if you pay highest interest debts first. Personally, I like the snowball to get people excited about paying of debt and to gain some momentum. Then, reconsider how the remaining debts will be paid. The tax deduction definitely makes them cost less, but in the end they’re debt too and should be eliminated as quickly as possible.

]]> By: Ace @ aceofwealth.com http://www.onemoneydesign.com/how-should-i-start-paying-off-student-loans/comment-page-1/#comment-7736 Ace @ aceofwealth.com Tue, 25 May 2010 01:30:58 +0000 http://onemoneydesign.com/blog/?p=7095#comment-7736 I think your first step is really important. However, I think that the tip you mentioned at the bottom of the article should be incorporated into this list. If you get some kind of tax deduction (a deduction that you can take regardless if you do an itemized or standard) then the actual effect of the loans could be much less than they seem to be at face value. Here's what I mean: Say you are in the 25% tax bracket, then you will get back 25 cents of every dollar you pay in interest. This makes the effective APR less than the loan APR. Because of this, and the fact that student loans typically have lower APR to begin with, they should be towards the bottom of your list of loans to pay off. .-= Ace @ aceofwealth.com´s last blog ..<a href="http://feedproxy.google.com/~r/aceofwealth/~3/84rfpULmoLY/" rel="nofollow">Breaking the status quo</a> =-. I think your first step is really important. However, I think that the tip you mentioned at the bottom of the article should be incorporated into this list. If you get some kind of tax deduction (a deduction that you can take regardless if you do an itemized or standard) then the actual effect of the loans could be much less than they seem to be at face value. Here’s what I mean:

Say you are in the 25% tax bracket, then you will get back 25 cents of every dollar you pay in interest. This makes the effective APR less than the loan APR. Because of this, and the fact that student loans typically have lower APR to begin with, they should be towards the bottom of your list of loans to pay off.
.-= Ace @ aceofwealth.com´s last blog ..Breaking the status quo =-.

]]> By: Jackie http://www.onemoneydesign.com/how-should-i-start-paying-off-student-loans/comment-page-1/#comment-7315 Jackie Thu, 20 May 2010 00:32:40 +0000 http://onemoneydesign.com/blog/?p=7095#comment-7315 The biggest tip I have for paying off student loans is "don't get used to them". It can be easy to get into the cycle of deferring them as things come up, but before you know it 10 years will have gone by and they'll still be there. .-= Jackie´s last blog ..<a href="http://www.moneycrush.com/handling-lifes-big-financial-changes/" rel="nofollow">Handling Life’s Big Financial Changes</a> =-. The biggest tip I have for paying off student loans is “don’t get used to them”. It can be easy to get into the cycle of deferring them as things come up, but before you know it 10 years will have gone by and they’ll still be there.
.-= Jackie´s last blog ..Handling Life’s Big Financial Changes =-.

]]> By: Jason Price http://www.onemoneydesign.com/how-should-i-start-paying-off-student-loans/comment-page-1/#comment-7295 Jason Price Wed, 19 May 2010 18:40:06 +0000 http://onemoneydesign.com/blog/?p=7095#comment-7295 Thanks, Joe. Yes, I've come across a few cases like that myself. It's a wake up call later in life when the loans are still hanging around. Thanks, Joe. Yes, I’ve come across a few cases like that myself. It’s a wake up call later in life when the loans are still hanging around.

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