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Thread: Focus on student loan or buy PMs

  1. #61


    Quote Originally Posted by 79or4to7 View Post
    I would recommend not paying the student loans at all. Assuming they are federal loans, there are so many payment plans available that result in your paying zero that you're likely to qualify for one of them. Most borrowers use the Income Based Repayment Program and most new grads (unfortunately) qualify for zero or <$100 monthly payments. Then after some years any leftover debt is forgiven.
    My wife and I graduated with our BS two years ago. We each had about $60k in federal loans at graduation but we took them out partly because our plan was to use the Public Service Loan Forgiveness program. We got jobs with our state govt and due to income (each $32k) we have no monthly payment. After 10 years if we stay with the govt or non-profit then any loan balance is forgiven.
    Ouch . . you got the raw end of that deal . . Sorry for your loss.

  2. #62


    Student loans do not go away in most instances. Once you pay off your credit cards and vehicles it is student loan time, if I remember the Dave Ramsey plan. Unless silver goes parabolic in the mean time, I would not even worry about investing in a volatile and diminishing commodity.

    OP do you have a source of steady income? Pay down the debt while you are young ... Stay out of new debt ( save a house someday) and then start worrying about investing.

    Or so Dave Ramsey would say, I imagine.

    Now it is possible that you are seeing the bottom of silver prices and that they will go parabolic and take a moon shot... But that is not very realistic.

    Ultimately it is your call. If you really feel a moonshot is imminent, you could take the gamble. But it would be a gamble, so no more than 5% of you money ... Unless you are a heavy gambler

    May the odds be ever in your favor
    "Compulsory altruism is none too altruistic." - me

    "All of us necessarily hold many casual opinions that are ludicrously wrong simply because life is far too short for us to think through even a small fraction of the topics that we come across." -- Julian Simon

  3. #63
    Join Date
    Feb 2012


    One reason a lot of student loans go unpaid or unpaid a long time....and I speak from experience. If you do not finish school and enter the workforce as a parent without a degree, you are virtually at the poverty level. On the one had you pay the government your student loan and on the other get supplemental health insurance. I am going to start repaying mine only because my significant other lost a parent and I feel secure enough that I can,yes I will x dollars a month, every month. Once you get a default and learn to live with cash your life changes a little. However, I have heard of people getting a job, making a payment arrangement, say 50 dollars a month. Then if they lose their job, or their job starts giving them 30 hrs instead of 40 hrs, they get a nice fresh default, and instead of a dormant bill getting yearly interest they will give you a ton of new fees and charge you interest on your principal and fees. So literally, you could get a job, owe, 6K, pay 1200 dollars over 2 years, lose your job, get your hours cut and in three years you owe 8K. Meanwhile if you pay nothing and hope your fortune really changes you probably owe 8k anyway.

  4. #64


    Quote Originally Posted by logical View Post
    Neither, you should have 3-6 months of earnings put in savings/cash first, then pay off debt.
    Logical has a good point. Having a few months worth of cash in savings is a good thing. Not having any debt is a good thing too, though. If it were up to me, I would work in tandem to get the savings up and the debt down. In the meantime, keep an eye on silver to find some good deals for when the time comes to invest.

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