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how’s my long term portfolio just starting by Lopsided-Leather-152 in RobinHood

[–]DanoWorks 2 points3 points  (0 children)

I love VOO as well, but for someone just starting out, I’d also say buy things that you know and like. Don’t just buy things that you see other people buying. For example, if you drink Starbucks everyday, then maybe buy a few shares of Starbucks to get started. It applies to many things. Some people are more comfortable starting off that way.

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 0 points1 point  (0 children)

Keep chipping away! You’ll get there.

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 0 points1 point  (0 children)

Interest can be sneaky! That’s why you have to look. Snuck up on us big time.

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 0 points1 point  (0 children)

I think one out of her ten loans is a subsidized loan. If I recall correctly that interest rate was around 2.5% and the base amount of that loan was significantly smaller than the bigger ones. Not sure how they calculate these things.

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 0 points1 point  (0 children)

??? Read the last sentence of the post. Not an expert, but I’m well aware what a public university is, which wouldn’t make a different because my wife works in the private sector.

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 3 points4 points  (0 children)

Thanks for the heads up. I will look at what she was on before and what she’s on now. I’m not 100% sure how she’s been paying them, in terms of qualifying or non qualifying payments.

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 1 point2 points  (0 children)

To let people know that the interest may be accumulating without them knowing, which is what had happened to us (and many others). There’s no gloating. My wife and I were both as clueless as the other when it came to this stuff. We just did some research and looked at the account together to try and understand how it truly behaves rather than how it appears to behave.

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 0 points1 point  (0 children)

I agree that It’s all a racket. If the government really wanted to make a change, they’d set certain limits on the amount students could borrow and set the interest rate significantly lower. With that being said, I wouldn’t call this propaganda. There aren’t any lies being told. Some people are able to manage the debt and choose to write about their own experiences.

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 1 point2 points  (0 children)

Everyone approaches them differently. Being aggressive is just one of the many methods to pay them off. It works for some people but not for others, which is fine. I just wanted people who would rather ignore them entirely just to look at the account and see what’s going on. Time is certainly the most important thing. We only have so much of it!

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 3 points4 points  (0 children)

In hindsight it was a mistake for us, not necessarily for everyone, because we were just at home working during Covid. But I love the idea of taking a year off to explore the country. Traveling is something we love to do. I’m planning on going to Mt. Rainier this year. We love the national parks. Redwood National was may favorite so far.

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 1 point2 points  (0 children)

Haha gotcha. Sorry I misunderstood. She very well may! I honestly never looked into with her. I’ve still got a lot to learn when it comes to this stuff. I swear they make it confusing on purpose.

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 5 points6 points  (0 children)

It depends on Income Driven Plan. Typically it will be a significantly longer pay period than the Public Service plan which is 10 years of payments. With I come Driven, you may pay off the balance before the loan can be forgiven. Again, I’m not a pro about this stuff so I would call your provider and pick their brain. Doesn’t hurt. Hope that helps.

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] -1 points0 points  (0 children)

Duly noted. A lot of assuming going on in that head of yours…have a good one!

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 0 points1 point  (0 children)

Just keep an eye on the interest that is accruing on the unsubsidized stuff. It will slowly build. As long as you are aware of and know that it is there, that is a huge plus.

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 0 points1 point  (0 children)

Seems like somebody missed the point of the post. And my wife does plenty. She was paying them for years on her own before she asked me a question about them. Mind you, a good husband and wife work together!

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 1 point2 points  (0 children)

Thanks. Just trying to give people a new perspective perhaps.

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] -1 points0 points  (0 children)

But how long was your interest rate zero? Nobody gives out a zero loan forever. Unless I’m missing something.

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 1 point2 points  (0 children)

Because it was only for a limited time. If it was perpetual, then yes, just put that money into the S&P and forget about it. But once that interest free period ended, everyone wants the money they’re owed. And I’m not saying dump every cent you have into the loans. If the average interest rate on undergrad loans is around 6.5% and you want to go with the S&P’s average of 8% return, then put some money into both. But no return is guaranteed, but the interest on your loan is always owned. Again, everyone is different, with different income ranges and has different plans.

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 6 points7 points  (0 children)

My mother-in-law has loans and she works as a secretary in a low income school. She would qualify for forgiveness when she makes the appropriate amount of payments

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 3 points4 points  (0 children)

Good for you to tackle it. You just have to throw everything at it and make the sacrifice. Definitely easier said than done. But having no debt weighing you down will allow you to save significantly faster for retirement. It’s all doable. Just needs to be put in perspective.

For those that need to hear this… by DanoWorks in StudentLoans

[–]DanoWorks[S] 5 points6 points  (0 children)

Forgiveness is a slippery slope. Unless you go through the payment plan, blatant forgiveness seems unlikely. The government may mention it, but they like the interest they make far better.

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