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Student loans

Thanks WallsGa WallsGa & Jeddak Jeddak for the kind words!!

jpm2953 jpm2953 I am a mortgage broker and I see similar situations often. In fact, I am working on quite a few cash-out refinances for people who are taking advantage of the continued high values by consolidating debts into their mortgage. For some, it is a good idea and there are others who continue to use their home as an ATM.

I would be happy to speak with you regarding your situation and help you find a workable solution. Fair warning though, I do not BS people and only give realistic expectations. I may not tell you what you "want" to hear, but what you "need" to hear, etc.

PM me and I can provide you my contact information as well as provide a few ODT references outside of those members mentioned above.

HK
 
I'm not aware of any easy way go about it. I inherited about $40k in student loan debt when I got married. Then pretty well immediately accrued another $25k due to poor insurance and a troubled pregnancy. Basically suck it up and pay it off. If you bought your house a few years back, you may have a fair amount of equity you could pull out with a cash out refi. Not the greatest option, especially depending on how much you are pulling out, and potential future market drops, but it is a way.

Debt sucks.

Edit. Non income producing debt sux.
 
I think we need two kinds of student loan reform:

1-- Only institutions that have a good track record of their graduates getting decent paying jobs that they hold long-term can participate in the student loan program.

2-- The student must pick an approved major area of study that the American people, speaking through their elected representatives in Congress and the Senate, say is worthwhile to the American economy and tends to lift the student's earning potential significantly. Basically, it means the capitalist "free market" has the power to veto somebody's choice of major in college. If you want to study basket weaving, transgender rights, art or medieval European literature, you're out of the student loan program-- unless you commit to getting an advanced degree and teaching it as a career, with proof of aptitude and ability as a potential instructor.
 
I'm not aware of any easy way go about it. I inherited about $40k in student loan debt when I got married. Then pretty well immediately accrued another $25k due to poor insurance and a troubled pregnancy. Basically suck it up and pay it off. If you bought your house a few years back, you may have a fair amount of equity you could pull out with a cash out refi. Not the greatest option, especially depending on how much you are pulling out, and potential future market drops, but it is a way.

Debt sucks.

Edit. Non income producing debt sux.
pretty sure student loan interest rates are cheaper than house rates and refi charges. Why would you do this? You are just moving debt somewhere else.
 
I'd drop the student loan payment book off out her parents house since they decided not to teach their daughter about money and debt early on and allowed her to get in that mess.
 
I think we need two kinds of student loan reform:

1-- Only institutions that have a good track record of their graduates getting decent paying jobs that they hold long-term can participate in the student loan program.

2-- The student must pick an approved major area of study that the American people, speaking through their elected representatives in Congress and the Senate, say is worthwhile to the American economy and tends to lift the student's earning potential significantly. Basically, it means the capitalist "free market" has the power to veto somebody's choice of major in college. If you want to study basket weaving, transgender rights, art or medieval European literature, you're out of the student loan program-- unless you commit to getting an advanced degree and teaching it as a career, with proof of aptitude and ability as a potential instructor.
1- Nah, not so much. My sister graduated from the University of Illinois with honors, promptly got married and had 5 kids, never entered the job market. I would say the U of I is a quality institution. She had a double major in art and French. Very smart, a talented artist, but basically a mom and grandma.

2- sounds like communism to me.
 
I think we need two kinds of student loan reform:

1-- Only institutions that have a good track record of their graduates getting decent paying jobs that they hold long-term can participate in the student loan program.

2-- The student must pick an approved major area of study that the American people, speaking through their elected representatives in Congress and the Senate, say is worthwhile to the American economy and tends to lift the student's earning potential significantly. Basically, it means the capitalist "free market" has the power to veto somebody's choice of major in college. If you want to study basket weaving, transgender rights, art or medieval European literature, you're out of the student loan program-- unless you commit to getting an advanced degree and teaching it as a career, with proof of aptitude and ability as a potential instructor.
I believe the choice of majors would depend on how it is used. I know of several recent graduates with degrees in Graphic Design, Digital Media and other "Art" degrees who were able to find good employment in the advertising and animation industry here in Georgia. Archer, a very popular animated series, was produced by a studio here in Georgia. :cool:
 
There was a huge uproar in the 90s about predatory loan practices on housing. Student loans are much worse. They can follow you after you die. College students are too young, dumb and full of stuff to make logical decisions about student debt at their point in life. I took on 12,000 over 4 years, got a decent degree and paid it all back in a year. The second mistake students make is to spend money with their first job upgrading everything in their life. I lived in a crappy house with roommates like college the first few years after college. At the time I got my loan there was a now illegal condition where I had to take a minimum number of years to pay it back. The interest was thousands of dollars on a 12,000 dollar debt. I found a loophole where I could go 90 days behind on the payments and they could demand I pay back the full amount. They still got me for penalties but couldn’t charge me for 10 years of interest when I was ready to pay it back.
 
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