Welcome to the MacNN Forums.

iranfromthezoo · Aug 23, 2007, 05:38 PM

I`ve searched and read on the whole loan thing and now I think I should start a new post.

I have $3,000 in college loan debts which must be paid by 9/11. I have a full time job at the local fire dept and work doing graphics part time. But lately I really have been having trouble saving. I only have $1500 saved up now (and thats living on cheap) but I really need help deciding what to do about this loan. I am under 21 so I cannot get another type of loan from my credit union to pay this one off. My dad co-signed on this one but I don't want him to be responsible for me on paying. I figured I could sell my MacBook for like $1000 so that would close the gap to under $500.

What do you guys think I should do? I have an iMac but it's my main workhorse. Apple gave me the Macbook for free so I won't loose anything on it and it is rarely used.

Rumor · Aug 23, 2007, 05:46 PM

Why did Apple give you the Macbook for free?

iranfromthezoo · Aug 23, 2007, 05:49 PM

here ya go rumor...basically my old iBook died and they replaced it with the MB http://forums.macnn.com/66/macbook-a...le-store-free/

Uncle Skeleton · Aug 23, 2007, 06:10 PM

If you really don't use the macbook I would definitely sell it. It's not like it's going to appreciate.

imitchellg5 · Aug 23, 2007, 06:17 PM

Originally Posted by Uncle Skeleton

If you really don't use the macbook I would definitely sell it. It's not like it's going to appreciate.

Especially since you can't use the screen for your graphics work. Better wait on the Ford Fusion. I wouldn't worry a ton though, God will come through

Mrjinglesusa · Aug 23, 2007, 06:21 PM

What kind of loan is this and why is a $3,000 payment due 9/11? The reason I am asking is that most loans are paid off over time through a set payment amount each month. When your last payment is due, you owe the last month's payment, not a huge lump sum. Something doesn't add up here - I've never heard of a "student loan" that has to be paid off in a lump some on a specific day. Even car loans and mortgages don't work like that. Is this loan from a bank? Were you on a payment plan?

Cold Warrior · Aug 23, 2007, 06:35 PM

If you're having trouble, call them and ask for a short extension or suggest they take a partial payment and the remainder in a couple months. Most lenders will work with you to keep you out of default. That is a far more expensive process for them.

iranfromthezoo · Aug 23, 2007, 07:20 PM

Originally Posted by Mrjinglesusa

What kind of loan is this and why is a $3,000 payment due 9/11? The reason I am asking is that most loans are paid off over time through a set payment amount each month. When your last payment is due, you owe the last month's payment, not a huge lump sum. Something doesn't add up here - I've never heard of a "student loan" that has to be paid off in a lump some on a specific day. Even car loans and mortgages don't work like that. Is this loan from a bank? Were you on a payment plan?

This is what they call a 180 loan. The interest was cheaper, only $50 but it requires it all to be paid off. I used it for a last sem of college and actually had most of it paid off (more than now) but my dad took sick and I had to take money out of it for an emergency to go to him. That being said I am calling them to see what I can do and what my options are. I believe they will work with me considering my mom works for them...but just in case if your looking for a MB..

Eriamjh · Aug 25, 2007, 10:04 AM

Pay off what you can and borrow the rest to pay the rest off. Then pay off the other loan.

Otherwise, you better start selling stuff.

BRussell · Aug 26, 2007, 01:54 PM

I'm sure they'd love to extend your loan further (for exorbitant rates, of course).

iranfromthezoo · Aug 26, 2007, 02:43 PM

I talked with the bank friday. They said since I have half of it already paid off they will extend the loan on a twelve month plan. The interest rate climbed .5% so it doesn't seem like it will be too bad...

Super Mario · Aug 26, 2007, 04:10 PM

Don't run from the zoo. Run to Canada!

Big Mac · Aug 26, 2007, 05:18 PM

I didn't know they called some student debt in like that. Lame.

Eriamjh · Aug 26, 2007, 07:37 PM

0.5% rate climb? On a $3000 balance amounts to $1.25 more in interest the first month. Can you afford it?

Eug · Feb 28, 2008, 08:28 AM

Sell the MacBook. That will get you several hun, which means you'll need much less to save by September.

<$100 a month of extra savings could be doable. Even cancel cable, etc. if you need to (assuming you have cable).

Also, just note that if you do end up paying it in full as originally agreed upon, that will look good on your credit record.

Doofy · Feb 28, 2008, 08:35 AM

Change your name. Move state. Gain employment as a bounty hunter to cover your tracks.

ShortcutToMoncton · Feb 28, 2008, 08:57 AM

Hahaha, 3 grand is a student loan now?

Jebus. By the time I graduate I'll be 40 grand in the hole.

greg

kikkoman · Feb 28, 2008, 09:20 AM

Originally Posted by iranfromthezoo

I talked with the bank friday. They said since I have half of it already paid off they will extend the loan on a twelve month plan. The interest rate climbed .5% so it doesn't seem like it will be too bad...

of course it's in the bank's best interests to keep you in debt