Does the Army still offer up to $65k in tuition loan repayment for four years of your life, and the lifetime of pride of having served your country?

Just another option.

"I would suggest the book Total Money Make Over by Dave Ramsey."
-flyerfly

I too would recommend that book!

Something else to think about: Student loans payments are only tax deductible up until you hit a certain income level - somewhere around $50k I think, but not sure (I know it's low enough that you will hit it sooner than you think). Take out a home equity loan (obviously you have to own a house) and pay off your student loans. All payments on it should be tax deductible regardless of income level.

Yea...I guess the millions in scholarships that go UNAWARDED every year were not available to you...and only you...

I didn't have a problem paying for school.

I'm vouching for those of us who haven't had the most wealthiest parents.

I too battle the Key Bank monster every month, it's almost predatory lending in my mind as to how they gave a 23 year old an $80k loan without asking any questions or thoroughly explaining the repayment process. That along with the flight school selling a dream makes it hard to resist. They never explained to me the process of how your payment stays the same, even if your interest (4.0%when I signed) doubles (to 8.26% now), meaning you could very easily pay for 20 years and never touch the principal.
Two ways to help out: 1.)start paying anything you can as much as you can, even before your six month grace period ends; 2.)pay any amount over your normal monthly payment you can. After four years of payments (no forbearances or other delays), my monthly payment of almost $500 will have $15.00 going to the principal every month, given that interest rate does not go up.
I too have shopped around and have not found anyone else that will give a lower interest rate. This is because the KeyBank loan IS NOT A TRADITIONAL STUDENT LOAN. If you declare bankruptcy, YOUR KEYBANK LOAN CAN BE INCLUDED IN THE BANKRUPTCY. Thankfully, I have been able to keep my head above water, but know many who haven't. But the reason the interest rate is so much higher than our friends with subsidized federal student loans is because of the liability the lender carries in being stuck holding the bag if you go bankrupt.

Kicking the soapbox to the next guy.................................

that's a great idea! then when you get furloughed you can be broke and homeless.:D if you default or get behind on you students loans your credit will be ruined. get behind on a HELOC and they will take your house. I know this makes sense on paper as far as mathematics but i would advise against it. I also heavily recommend the aforementioned book as well.

I too have the Keybank loan. I pay 455 a month for a loan of 38k. That is about 10$ over what they want, and when the wife and I pay off her car, that additional 188 a month is getting chunked right into that loan.

I have thought about selling my soul to the devil (read: volunteer for an 18-22 month) deployment to the Sadbox to get additional pay and tax free money just to pay off the stupid little bills that I hate shelling out money for. In the desert I would make over 100k and take all of it home and be debt free when I came back.

Is it worth it? That part the wife and I are still trying to figure out.

You may want to check out the repayment rules for the loan before you start putting in more than the minimum every month. The last contract that I read, states that there is no penalty for paying off early, however monies in excess of the monthly payment submitted per month will not go toward paying off principal, and instead wil just be deducted from what you owe on the next months payment. If this is the case, paying extra every month will pay off the loan early, but you will still pay the same in interest, as the same amount of payments will be made. I would suggest putting the extra money that you would pay per month into an interest bearing account of some sort (money market, CD, Mutual Fund)...something that will not penalize you for closing the account in five or ten years, then keep making your monthly payments. When you have enough money in the saving account, withdraw it, and pay off your loan in full. Paying off in full is the only way that you will pay this loan off without bearing the full brunt of all of the interest compounded over 20 years. Paying extra per month will not do it.

WOW, really? I am on the phone right now then to those clowns....