Income-based student loan repayment

[ISUpadre]

That's ~ $11 bucks an hour. You can make that working the registers at Hy-Vee. Maybe find a new job or a second job? I'd bartend 2-3 nights a week, you can make a lot of tax free money.

 

[VTXCyRyD]

I currently pay $495 for rent (studio) and live about 5 blocks from work in Des Moines; I didn't get this job until it was too late to get a roommate to split rent for a bigger place. That's something I'm hoping to change next year, since I've got several buddies from high school who are now working here in DM, but already had living arrangements taken care of by the time I knew I'd be here, too.

I need something with pretty low miles because I'm going to be putting a lot on for work driving to games all over the place. And I absolutely refuse to get something that isn't certified, because I've had horrendous luck with vehicles thus far (I'm currently on my fourth in 7 years). I want something I know I can depend on.

As far as supplemental income, I'm probably going to be picking up a second job for a couple nights a week, and I also want to find time to get tested for plasma donation. That helped me get through my last couple years of school when I was making about $75 a month working for the student paper. I've just struggled to find a 4-5 hour window to get tested (I know from experience that it's wise to plan for that long on your first visit).

I'd definitely love to have a better paying job, but I had similar offers from every opportunity that popped up. I don't currently get health benefits, but I have insurance through the university that's good until next summer. But if benefits won't be picked up by the time my current insurance expires, I'll be job shopping pretty hard. However, this is largely a startup operation (new ownership group took over last year) and my job is basically to help grow this from what it's been, not just maintain it. We also plan on moving to a digital magazine for our monthly content and then print a few special issues (like our football preview). That cuts out a ton in printing expenses, which could mean a little more money for employees. Bottom line, I never planned to stay here for more than 2-3 years before moving on to something else, hopefully at either the Register or Gazette.

I assume this job will pay mileage for what you put on your car. If so buy a newer Prius. Very low maintenance, very high gas mileage.

 

[MNCYWX]

Absolutely agree with this. Defer defer defer.

Absolutely Disagree with this. Do NOT defer. The interest that's added on monthly only increases the amount you'll owe back. Eventually with enough deferment, you're paying interest on your interest!

Also if your company matches any retirement contributions... start contributing to that %. Free money you are tossing out the window.

Take on a second job for some extra income. That's exactly how I did it with my first job starting out of college in '08 starting a similar salary/profession as yours. Got a nice cushy job at the local Y which actually payed decent considering what it was and gave a free membership.

 

[CyDude16]

Reading threads like this make me feel thankful and lucky as **** that I don't have student loans.

 

[Wesley]

Lol, I wish I could say that. But sadly no. Poor money management with minimal schollies while in school with bowl trips and lots of booze.

Only worked 15 or so hours a week during school doing intramurals and printing division for ISU so that didnt add up with what I was spending.

4 Year at ISU is rough. I hate when my friends say they don't have any loans because mommy and daddy paid for it.

Better than a private school tuition.

 

[Wesley]

From what I've heard, IBR is a solid option as long as you're very careful about never missing a payment and meticulously tracking and filing your income. I heard that one mistake in either payments or reporting income can get you removed from the program, and then you end up stuck with a larger bill than you anticipated to pay using traditional methods.

If you qualify for IBR, and you know that you will follow each and every requirement of the program for each and every month, then it is probably a good options for you.

Use automatic deductions from your bank.

 

[MLawrence]

Absolutely Disagree with this. Do NOT defer. The interest that's added on monthly only increases the amount you'll owe back.

Depending on what payment plan you choose, like the income-base payment plan, when you defer interest does not accrue over the time of the deferment.

 

[AlanStanwyk]

You should get in sales. Any schlub can do that. Especially with your good written communication skills.

Plus, it pays well.

 

[benjay]

Lol, I wish I could say that. But sadly no. Poor money management with minimal schollies while in school with bowl trips and lots of booze.

been there, done that, don't regret it

 

[tm3308]

Started the more serious shopping phase today. I'm looking at getting a Ford Escape; there's a 2011 Limited at Gabus Ford in DM where I can get $227 a month over 72 months (which is actually pretty manageable for me, especially if I pick up any kind of supplemental income), and a 2012 XLT at a local dealer back home that was $283 (but that was with a lower down payment and a lower trade-in value on my current car; that trade-in could go up some since the dealer made the estimate site-unseen and Gabus offered about 700-800 more).

The local dealer will likely be able to offer a lower price, so either way I'm getting a very nice vehicle that should last me for 10 years (easily) if I take care of it, and at a price I can handle fairly easily (without adjusting my loan payments) with just a little extra effort on my part.

Thanks for all the input!

 

[CarlHungus]

Started the more serious shopping phase today. I'm looking at getting a Ford Escape; there's a 2011 Limited at Gabus Ford in DM where I can get $227 a month over 72 months (which is actually pretty manageable for me, especially if I pick up any kind of supplemental income), and a 2012 XLT at a local dealer back home that was $283 (but that was with a lower down payment and a lower trade-in value on my current car; that trade-in could go up some since the dealer made the estimate site-unseen and Gabus offered about 700-800 more).

The local dealer will likely be able to offer a lower price, so either way I'm getting a very nice vehicle that should last me for 10 years (easily) if I take care of it, and at a price I can handle fairly easily (without adjusting my loan payments) with just a little extra effort on my part.

Thanks for all the input!

I would recommend getting a Honda or Toyota that was made around 2000. Some may disagree with me on here, but I have had great luck with Toyota's and I know plenty of people that have had great luck with Honda's. Something like a Camry, Corolla, Civic, or Accord would be a reliable car that won't break the bank

 

[cowgirl836]

I would recommend getting a Honda or Toyota that was made around 2000. Some may disagree with me on here, but I have had great luck with Toyota's and I know plenty of people that have had great luck with Honda's. Something like a Camry, Corolla, Civic, or Accord would be a reliable car that won't break the bank

drove a 1991 Toyota Celica for 4 years until last summer when I had enough money for a newer car. Gave it back to my parents to use on the farm, and they drive it all the time. Not the best car (working AC and fuel gauge are nice to have!), but always ran well. Made multiple trips from Ames to IL, a few Madison to Ames/Omaha trips as well. Would totally recommend something like that for cheap that will get you through a few years.

 

[Rabbuk]

Learn to drive stick usually cheaper and better gas mileage.

 

[Agclone91]

I would recommend getting a Honda or Toyota that was made around 2000. Some may disagree with me on here, but I have had great luck with Toyota's and I know plenty of people that have had great luck with Honda's. Something like a Camry, Corolla, Civic, or Accord would be a reliable car that won't break the bank

Learn to drive stick usually cheaper and better gas mileage.

I have a 2000 Accord with a 5-speed manual. 294,000 miles and still running like a champ. I get about 30 on the highway with it.

 

[Rabbuk]

I have a 2000 Accord with a 5-speed manual. 294,000 miles and still running like a champ. I get about 30 on the highway with it.

I have a 2000 mazda protege, 5 speed depending upon how diligent I am I get about 35 on the highway and prolly close to 30 city driving. Sometimes I get lazy with my shifting or drive too fast and that hurts it.

 

[kilgore_trout]

You are a stupid self-entitled ******* who seems to think student loans are inconveniencing your ride.

Get a Buick.

So my family and I are looking at getting me a new vehicle, because the 1990 Riviera that I'm driving is starting to wear down and I'll be driving a lot for work. The problem is that my student loans will kick in with about $324 monthly payments and I'm only making $22,000 at my current job, so adding another $200+ a month in car payments will leave me extremely strapped ($300 or less to cover groceries, gas, etc.; so no saving for retirement or anything else).

I've looked around and seen some stuff about income-based repayment and was wondering if anyone here knows anything about that, whether through personal experience or knowing someone who's gone that route, and would recommend it based on my current situation?

 

[AlanStanwyk]

You are a stupid self-entitled ******* who seems to think student loans are inconveniencing your ride.

Get a Buick.

How do you really feel? Quit sugarcoating it and tells us.

 

[wxman1]

You are a stupid self-entitled ******* who seems to think student loans are inconveniencing your ride.

Get a Buick.

Someone is cranky...

 

[NATEizKING]

Get a Taurus, cheap, durable, and there's so damn many that you can find any replacement parts you need just driving down the highway.

 

[DurangoCy]

You are a stupid self-entitled ******* who seems to think student loans are inconveniencing your ride.

Get a Buick.

While I generally agree with your general thesis, you might want to work on your delivery! :smile: