Freedom

"Dr_Watson" (dr_watson)
07/30/2020 at 13:13 • Filed to: Debt

Today we celebrate paying off my private student loans. White cake with raspberry almond filling is delicious.

Still have some federal to knock out but it’s good to be free of the private sector at least. I was paying on 16 loans concurrently since privates don’t consolidate . That’s a huge pain in the ass.

Anyone else taking this drop off in consumer spending as an opportunity to wipe out some debt?

DISCUSSION (72)

For Sweden > Dr_Watson
07/30/2020 at 13:22

So if someone doesn't pay off a federal loan, what happens? Do the feds bring a tank to your house?

Just Jeepin' > Dr_Watson
07/30/2020 at 13:23

I’ve been successfully wiping out some debt, but the Jeep is threatening to wipe out the wiping out: 1100 so far, with a potential of another 1700 soon and perhaps another 4K after that, depending on how this set of repairs pans out.

It hurts to love something that much.

I like cars: Jim Spanfeller is one ugly motherfucker > Just Jeepin'
07/30/2020 at 13:31

$6800 in repairs on a Jeep? Damn, that’s horrible. They’re cool and fun, but that’s worse than my Golf.

Have you considered parking it to reduce W&T and buying a supplemental daily?

Thomas Donohue > For Sweden
07/30/2020 at 13:32

Nope, just unmarked minivans...

Dr_Watson > For Sweden
07/30/2020 at 13:38

Its far more mundane than it could be . No storm troopers or Blackhawks. The just sell the debt to a private collection agency.

gettingoldercarguy > Dr_Watson
07/30/2020 at 13:38

Coming out of grad school with a mortgage worth of debt is never fun.

Just Jeepin' > I like cars: Jim Spanfeller is one ugly motherfucker
07/30/2020 at 13:39

Problem is that I absolutely love driving it. I’d have to find something else fun to augment it, which would probably also be expensive or unreliable (or both!).

TheRealBicycleBuck > For Sweden
07/30/2020 at 13:39

Student loans are one of the few things that can’t be erased by bankruptcy (except in rare cases) . There are loan forgiveness programs, but you have to be employed with a government or not -for-profit for at least 10 years, or you have to be a teacher (total loan forgiveness is capped at $17.5k), or you have to be disabled or die.

Fail to pay and t hey can garnish your wages.

Dr_Watson > Just Jeepin'
07/30/2020 at 13:39

Damn yo. When do the repair bills exceed the desire to keep it?

Just Jeepin' > Dr_Watson
07/30/2020 at 13:40

It’s approaching 40k in repair bills in 6 years. Apparently the answer to your question is never.

Dr_Watson > gettingoldercarguy
07/30/2020 at 13:42

Between my top tier private school computer science degree and my wife's nursing degree the mortgage on the brain is higher than the house. Thankfully we're both highly employable since we went for real skills and not LA.

Dr_Watson > Just Jeepin'
07/30/2020 at 13:43

Lol, for the love of the game I guess.

The Ghost of Oppo > Dr_Watson
07/30/2020 at 13:45

Kinja'd!!!

I like cars: Jim Spanfeller is one ugly motherfucker > Just Jeepin'
07/30/2020 at 13:45

I’m having a similar predicament with the aforementioned Golf. Stuff breaks and it doesn’t run properly irregularly and unpredictably. There’s also rust. I need a different daily, but I’ve come to like that car more than I had ever planned to. I have four other cars I could be dailying, but then they’d begin to suffer the consequences of being a 25+ year old German car being driven hard every day, and would inevitably begin to have similar issues.

In my opinion, a daily driver needs to have three qualities: it needs to be pleasant to drive (this is not the same thing as “I don’t hate driving this”- you must actively enjoy driving it), cheap to maintain, and reliable. Budget constraints leave me in a predicament.

Mid Engine > Dr_Watson
07/30/2020 at 13:48

We have five kids and paid 100% of their education, just paid off the last outstanding loan. Got absolutely shit faced

shop-teacher > Dr_Watson
07/30/2020 at 13:48

Congrats!

I’m a few mo nths out the from paying off both my student loans and my wife’s car.

Just Jeepin' > I like cars: Jim Spanfeller is one ugly motherfucker
07/30/2020 at 13:50

Every time I rent a car, whether it’s out of necessity because the Jeep is in the shop, or convenience because I’m taking a long trip, I think to myself that while I really appreciate the creature comforts and fuel efficiency that the rental offers, I’d much rather be driving the Jeep.

shop-teacher > Just Jeepin'
07/30/2020 at 13:50

HOLY SHIT!!!!!

I'm so happy I didn't buy that new LJ back in the day!

Just Jeepin' > shop-teacher
07/30/2020 at 13:51

Trust me, this is not typical. I’m not sure what I did to deserve it, but most LJs aren’t nearly this problematic.

I think.

Dr_Watson > Mid Engine
07/30/2020 at 13:53

Nice. It feels good to be free. Great that you were in a position to do that for your kids.

I didn't go to college until I was 23 and qualified as an adult learner. So I wasn't forced to burden my parents. The parent plus stuff they force on 18yr olds is pretty lame IMO.

Dr_Watson > shop-teacher
07/30/2020 at 13:56

Don't forget to celebrate. Fancy cakes are a good motivator.

Mid Engine > Dr_Watson
07/30/2020 at 13:59

We made a conscious choice to make their education a priority, as such we had to forego many things along the way. No regrets, just means retirement will be a lon g way out. So yeah, next time some one bitches that the olds won’t retire and make opportunities for the younger generation(s), it’s worth keeping in mind that some made sacrifices that means they can’t hang u p their spurs.

Stef Schrader > Dr_Watson
07/30/2020 at 14:00

Ha! I love the cake. Congratulations!!!

I’m still unemployed, so everything that can be (student loans included) is on hold. Ugh. At least this is working out for someone else. I did see that my iPhone was paid off this month, though, so that’s at least something. $15 whole bucks off my phone payment, heh.

K-Roll-PorscheTamer > Dr_Watson
07/30/2020 at 14:00

Congrats! I can’t wait to start paying them off!

.....................

Right?

davesaddiction @ opposite-lock.com > Dr_Watson
07/30/2020 at 14:04

Woohoo!

I like cars: Jim Spanfeller is one ugly motherfucker > Just Jeepin'
07/30/2020 at 14:05

Yeah, my interior is spartan compared to a modern car, and I average like 22 mpg, but to me, it’s perfect.

Dr_Watson > Stef Schrader
07/30/2020 at 14:08

Bakery didn’t bat an eyelash at the text request. Makes me think they get some “interesting” orders.

Wife and I are admittedly pretty lucky. I’m an IT Systems Engineer and she’s an RN so the pandemic didn’t really touch our employment.

Best of luck at getting back on the payrolls. The 944 probably always wants a cash injection.

Dr_Watson > K-Roll-PorscheTamer
07/30/2020 at 14:10

Wanting to pay them off and enjoying when they are paid off are two separate emotions I believe. ;)

LimitedTimeOnly @ opposite-lock.com > Dr_Watson
07/30/2020 at 14:16

Virtually a ll of my interactions with Citibank have been unpleasant, so I can definitely appreciate the message on the cake, and that was probably true for the bakery, too.

ranwhenparked > Dr_Watson
07/30/2020 at 14:21

Congratulations , must feel like a massive weight gone. I haven’t been totally debt free in about 4 years now, but when I was, the sense of freedom was really nice. Gives you more flexibility in employment, living arrangements, etc. Definately a great place to be, especially now.

The only debt I have at the moment is a $132,000 mortgage that I obviously can’t make much of a dent in, and an $8,000 car loan, which I COULD pay off, if I really wanted to, but it’s pretty low interest, and doing that would wipe out more than half of what I’ve got in the bank, and something tells me that staying liquid is probably a good idea right now. In a better economy, I might pay that off, right now, I think it’s safer to keep making the small monthly payment and hold on to the wad.

OPPOsaurus WRX > Dr_Watson
07/30/2020 at 14:26

its too bad you couldn’ t just send them that cake a few years ago when you still had an ugly balance.

Dr_Watson > ranwhenparked
07/30/2020 at 14:26

Yeah, not a bad thought process. Even with the debt repayments we’re still making sure we hold onto 6 months of liquidity just in case shit hits the fan. This wipe out was a $10K lump we built up by not going on vacation or doing anything during the pandemic plus stimulus checks .

Plus hey, if you leave the money in the bank you get that sweet 10¢ interest payment!

Dr_Watson > OPPOsaurus WRX
07/30/2020 at 14:27

lol yeah... too bad the only thing that cures student loan debt is cash or death.

For Sweden > Thomas Donohue
07/30/2020 at 14:36

But I’m talking about the feds, not NYPD.

For Sweden > TheRealBicycleBuck
07/30/2020 at 14:37

What if they disable you with the tank

dumpsterfire! > Dr_Watson
07/30/2020 at 14:38

Well done!

ItalianJobR53 - now with added 'MERICA and unreliability > Dr_Watson
07/30/2020 at 14:45

I finally paid off my Mini last month. Kinda dumb that I financed a 15 year old car with 160k miles on it but thats all in the past now!

Thisismydisplayname > Dr_Watson
07/30/2020 at 14:51

Congrats! Getting rid of debt is a great feeling. Good luck with the rest.

CB > Dr_Watson
07/30/2020 at 14:53

I got lucky and was born in Canada with a silver spoon in my mouth . I paid off my $22k in loans (with interest, of course) within three years of graduating school.

I celebrated by paying off my car, selling it, and getting a new car loan. No one ever said having a degree made you smart.

smobgirl > Dr_Watson
07/30/2020 at 14:55

Yeah, it’s even better if you aren’t “emancipated” and your parents won’t give you the info to complete a FAFSA because they’re in the middle of a WW3 divorce, but you don’t qualify for private loans without a co-signer. Credit cards to the rescue (but thank god my school was effing CHEAP).

TheRealBicycleBuck > For Sweden
07/30/2020 at 15:05

Permanently disabled? No More Student Loan Payments! ®

Dr_Watson > smobgirl
07/30/2020 at 15:12

Ouch. Thankfully I was able to borrow my Dad’s good credit rating and get the co-signer for the privates. Another reason I paid these boys off first, make sure the old man isn’t on the hook for anything.

Dr_Watson > CB
07/30/2020 at 15:16

Yeah, I financed half of my current car. But it was only 2 years old with 1300 miles on it, and still under warranty so I didn’t feel bad about it. I think all the student loans made me immune to debt. At some point you’re just like “fuck it, throw more coal on the fire.”

ranwhenparked > Dr_Watson
07/30/2020 at 15:30

Your bank gives you a whole 10 cents! Where can I sign up?

Yeah, I’ve noticed a big difference with no traveling, plus going back to a job that provides a car and gas card, so no commuting expenses post-stay home order (I was spending around $400 a month in gas at the beginning of the year). I might let the nest egg build up a bit more, and if everything goes OK, retire the loan toward the end of the year.

Dr_Watson > ranwhenparked
07/30/2020 at 15:33

I’m an employee so I get the “high interest” account! Whoo hoo!

ranwhenparked > Dr_Watson
07/30/2020 at 15:35

I worked at a bank until March of this year, my regional VP was constantly on me for not banking in-house, but I found my credit union always beat even our employee deals. Especially on car loans, God, were we mediocre on car loans.

Dr_Watson > ranwhenparked
07/30/2020 at 15:49

I’ve been keeping it in the family whenever it makes sense. Was hard to say no on the mortgage because the employee discount is a full point on the interest and a free closing lawyer.

They are pretty mediocre on car loans though, they were able to beat everyone for my first car with them in 2011. But when I got my recent car last September for some unknown reason Chase offered me 3% and that was well below everyone else I looked at so I had to take it.

My bird IS the word > Dr_Watson
07/30/2020 at 16:05

Nice for no interest on gov loans, plus stimulus money to smash some private loans.

wafflesnfalafel > Dr_Watson
07/30/2020 at 16:06

wonderful thing to celebrate with cake :) congrats

shop-teacher > Dr_Watson
07/30/2020 at 16:07

Duly noted!

shop-teacher > Just Jeepin'
07/30/2020 at 16:08

Yeah, same deal with my old GTO I told you about. The one that broke down at the Jeep dealership, when I went to test drive that LJ. GTOs are mostly pretty stout, but mine was a lemon ... that’s why I got rid of it!

Dr_Watson > My bird IS the word
07/30/2020 at 16:21

Yeah, the stimulus checks put us over the top for kicking citi out of bed. Thanks uncle sam! You’re totally not the creepy uncle right?

MM54 > Dr_Watson
07/30/2020 at 16:24

I paid off the last of mine early this year , then a couple months later bought a new car to make up for it. Whoops.

Dr_Watson > MM54
07/30/2020 at 16:29

Kinja'd!!!

High Five!

My bird IS the word > Dr_Watson
07/30/2020 at 16:33

November will be the creepy uncle face off

Dr_Watson > My bird IS the word
07/30/2020 at 16:35

Uncle Joe will at least (well most likely) be bringing a lady chaperone to the party.

SPAMBot - Horse Doctor > Just Jeepin'
07/30/2020 at 16:46

That is more than my Ferrari! (Extrapolated for 6 years)

** *furiously knocks on wood***

SPAMBot - Horse Doctor > Dr_Watson
07/30/2020 at 16:55

Congrats and I love the cake! (Any cake, really)

I knocked mine out in January. I wanted to get them done before 2020 but it just worked better to wait until January to write that final 6k check. Debt free and planning to be for a descent amount of time. Homes are too expensive here and I have no excuse to finance a car. The goal for this year is $x of savings along with maxing out all the normal tax advantaged investments per usual. I was saving money not buying airfare all the time, but it seems like I’ve been finding other things to spend money on

Dr_Watson > SPAMBot - Horse Doctor
07/30/2020 at 17:10

Nice, I figure we’re on track to be at $0 (house, car, both of our federal lumps) in ~6 years. Then we can pour everything into the retirement planning.

SPAMBot - Horse Doctor > Dr_Watson
07/30/2020 at 20:01

That's awesome you are so close with the house! Keep chipping away!

Dr_Watson > SPAMBot - Horse Doctor
07/30/2020 at 20:58

Thanks, don’t be too impressed though. It’s not an expensive house. Got it during the ‘09 collapse in a neighborhood that is just now starting to gentrify. (we’re getting a gluten free bakery, I think that means it’s gentrifying, ;)

Thomas Donohue > For Sweden
07/30/2020 at 21:39

NYPD doesn’t patrol in Portland...

https://www.npr.org/2020/07/17/892277592/federal-officers-use-unmarked-vehicles-to-grab-protesters-in-portland

For Sweden > Thomas Donohue
07/30/2020 at 22:16

They arresting everyone yo

https://www.cnn.com/2020/07/29/us/nypd-arrest-unmarked-van-response-trnd/index.html

Thomas Donohue > For Sweden
07/30/2020 at 22:22

Guiliani was doing that for years. Wait, maybe he still is!!!!

For Sweden > Thomas Donohue
07/30/2020 at 22:23

Maybe Bill De Blasio is just Rudy in a skin suit

K-Roll-PorscheTamer > Dr_Watson
07/31/2020 at 10:37

I hope so.

SPAMBot - Horse Doctor > Dr_Watson
07/31/2020 at 12:05

Hahahaha sounds like it was a great purchase. A GF bakery surely increased the value 10%. If you see people jogging around in Patagonia hats, you know the gentrification is complete and your property value is probably double

Dr_Watson > SPAMBot - Horse Doctor
07/31/2020 at 12:18

Yeah. I feel like I might get blamed for the gentrification though. Neighborhood is former white Polish, when all the old people died it shifted pretty heavy to immigrants (highly diverse, Burma, Africa, Middle East, South America, my immediate neighbors are Russian and Turkish). I generally end up talking to adults through their children because they know more English.

Meanwhile when my wife and I bought the house from an old Polish dude we were 30yr old white college graduates with no children and a cute dog. So we look a bit like patent zero.

SPAMBot - Horse Doctor > Dr_Watson
07/31/2020 at 13:32

As long as you didn’t tear down the original house and build a M O D E R N Mc mansion, I think you are good. Might have been patient zero, but can't fault yall for taking a risk on a neighborhood you could afford haha

Dr_Watson > SPAMBot - Horse Doctor
07/31/2020 at 13:35

nope, we’re slowly rehabbing the old girl. Built around 1865 so I’m not going to bulldoze an antique.

SPAMBot - Horse Doctor > Dr_Watson
07/31/2020 at 14:45

Good! Not enough people have that mentality these days haha

Stef Schrader > Dr_Watson
07/31/2020 at 15:42

Yeah. Bakeries get all kinds of crazy requests.

Blerugh, t he engine rebuild’s on hold until I can get some more reliable stream of cash from somewhere, or hell, even someone who just wants to chip in and do vehicular m asochist s tuff with a 944 engine. (I will leave a mark with the torque wrench IF THE EXACT SPECS ARE NOT FOLLOWED. J/K, not that kind of masochism. )