School Debt.

"CalzoneGolem" (calzonegolem) 01/13/2014 at 09:10 • Filed to: None

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Checked last night. I owe less than one Kilobuck! For reference I have a BS in Computer Science and I'm 33. It is tempting to just pay it off, but at 2.1% it is our lowest interest debt.

davedave1111 > CalzoneGolem 01/13/2014 at 09:14

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"at 2.1% it is our lowest interest debt."

But what's the value of your time to continue administering it? More or less than the difference between that rate and the highest rate you have, multiplied by a thousand bucks?

CalzoneGolem > davedave1111 01/13/2014 at 09:16

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It is automated payments so I do nothing an money flys out of my bank account and goes to Sallie Mae.

davedave1111 > CalzoneGolem 01/13/2014 at 09:17

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And you don't monitor it? I don't know how long the loan's scheduled to last, but even two-minute checks now and again add up.

Cixelsyd > CalzoneGolem 01/13/2014 at 09:24

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I'm the same age, but between my wife and I, I owe approximately 200 kilobucks.

Hooray for law school!

CalzoneGolem > Cixelsyd 01/13/2014 at 09:26

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Combined we owe ~25 kilobucks.

Hopefully you got into a law job instead of graduating and getting drunk and working in resturaunts like I did, haha.

505Turbeaux > CalzoneGolem 01/13/2014 at 09:26

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if you can just pay it off. 2.1 is pretty good interest, but it is sweet to just knock it out. I paid mine off at 26 with a big fat check, because I went to state school back when it was 5 grand a year, and I was making great money not using my degree for anything (bartending). Also I didnt have that kind of sweet interest rate. the less debt I have the happier I am. No car payments, no house payments except for my stupid taxes in Portland, and no school loans. I was just having this discussion with someone last night, her state education loan jumped to 9% because of our buddy Lepage scrambling to fill the state coffers. All yours are federal?

CalzoneGolem > 505Turbeaux 01/13/2014 at 09:32

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Yeah, my state loans got paid off years ago. I got out of school and became a cook. The pay is not very good but no one cares what you say or how hung over you are haha.

505Turbeaux > CalzoneGolem 01/13/2014 at 09:36

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it is a true thing. Same with bartending... great experience for the mind, maybe not so much for the body

davesaddiction @ opposite-lock.com > CalzoneGolem 01/13/2014 at 09:41

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Congrats! Won't be long now... Start planning the celebration.

Thankfully, mine is a similarly low rate. Really no incentive to pay it off early.

CalzoneGolem > 505Turbeaux 01/13/2014 at 09:42

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Yep lived a lot of life in those years. Don't really remember a lot of it, but that parts I do were fun.

Cixelsyd > CalzoneGolem 01/13/2014 at 09:43

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Luckily, yes.

CalzoneGolem > davesaddiction @ opposite-lock.com 01/13/2014 at 09:43

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I can't wait to tell Sallie Mae to sod off.

CalzoneGolem > Cixelsyd 01/13/2014 at 09:47

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I graduated with a CS degree after the whole dot com bubble burst and people were trying to figure out how to make tech jobs work again. I had a definite job when I graduated but the company got bought out and they replaced basically everyone that knew me.

I think my liver may have suffered the most.

505Turbeaux > CalzoneGolem 01/13/2014 at 09:47

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yup, same thing. Ah well, sounds like we both grew out of it eventually.

CalzoneGolem > 505Turbeaux 01/13/2014 at 09:49

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Yeah things got serious with my girl and I figured I needed a better job to better provide for her.

505Turbeaux > CalzoneGolem 01/13/2014 at 09:58

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oh man good for you. The girl I had at that point was such a mess, like I was. Glad I moved on. Shit since her I have been married, divorced, had a girlfriend and 2 kids, broke up with her, now on to another. Amazing.

CalzoneGolem > 505Turbeaux 01/13/2014 at 10:02

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I'm still with that same girl. We met working in a pizza place now I'm working in a office, she's doing ultrasound and we've got two kids. She had one when we met but she is "our" now.

505Turbeaux > CalzoneGolem 01/13/2014 at 10:12

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awesome! From pizza to professionals. Love it

I am considering actually leaving the state this year at some point (not forever, will rent the house out till I want to come back). It was talked about this weekend at length. Could just be making so much more out of state. Hate chasing the money but making 4 times what I do now is attractive

CalzoneGolem > 505Turbeaux 01/13/2014 at 10:15

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This is why Maine is heading to be the "oldest" state.

505Turbeaux > CalzoneGolem 01/13/2014 at 10:22

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I know, and I love it here, we just don't have much going on for professionals, and the "professionals" in my industry are jokers. It is easy to use a bunch of fancy words to rook in some local shop owned by some rich idiot from NYC to digital advertising then do whatever, but playing on an international scale from here is tough with the talent pool.

jariten1781 > CalzoneGolem 01/13/2014 at 10:32

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Pay it off. If shit hits the fan and you have a major expense/accident/lose job/whatever, the last thing you'll want is some other little debt hanging out on the side when you'd rather be worried about dealing with more important things.

CalzoneGolem > jariten1781 01/13/2014 at 10:34

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I've got debt with bigger interest. It makes more sense finacially to pay that off.

jariten1781 > CalzoneGolem 01/13/2014 at 10:48

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Totally true in a dollars and cents way. I tell ya though, when I was between jobs I spent way too much time worrying about which debts I would start to shirk paying when I ran out of funds. It was just something I didn't need and added to the weight on my shoulders.

Turned out it was silly because I never even got close to running out of cash even in the horrible job market, but one of the first things I did when income started flowing (after restocking the emergency fund) was get rid of all the stupid little debts so they would be erased from my memory.

Stef Schrader > Cixelsyd 01/13/2014 at 11:27

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I don't even want to think about mine.

Let's just say I should've bought a GT3 RS instead of college. I can't hoon school. Hahahaha. (J/K.)

Stef Schrader > CalzoneGolem 01/13/2014 at 11:27

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Congratulations!

(I'm insanely jealous. I'll be paying off mine 'til I die.)

CalzoneGolem > Stef Schrader 01/13/2014 at 11:33

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... and then it will become the responsibility of your estate.

Thanks Stef, there has been many payments made to Sallie Mae to get to this point.

TwoFortified > CalzoneGolem 01/13/2014 at 15:39

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*High Five*

I've got a BS in CS as well, am 25, and still have a ways to go.