What rate is your student loan?

**mariec99** · 08-10-2006, 06:45 PM

Re: What rate is your student loan?

My rate is 5 3/8%. I do want to pay it off quickly because I can't deduct a penny of the interest from my taxes.

**jodi** · 08-10-2006, 06:48 PM

Re: What rate is your student loan?

DH's and my loans were consolidated at about 4.4% several years ago. He has new loans since returning to school that we just consolidated at 4.7% before the rates went up in July (or else they would have been 6-7%).

**pearlieq** · 08-10-2006, 08:07 PM

Re: What rate is your student loan?

Mine is at 3.25 over a 10 year term. DH's are at 4.125% on a 30

year term.

I must say, OP, I've got interest rate envy!

**TinyFish** · 08-10-2006, 08:14 PM

Re: What rate is your student loan?

Ours are in the 5-6 range. Now I REALLY have student loan rate envy. Of course, that's an improvment from when we first got them when they were 8% (and a good rate for the time!). Wish I could refi them.

**lillyb** · 08-11-2006, 12:36 AM

Re: What rate is your student loan?

Envy here, too! Consolidated mine at 5.35%.

**Broken Arrow** · 08-11-2006, 04:56 AM

Re: What rate is your student loan?

Originally posted by mariec99

My rate is 5 3/8%. I do want to pay it off quickly because I can't deduct a penny of the interest from my taxes.

I could've sworn that you could. Perhaps you mean that you don't qualify for the deductions?

**pearlieq** · 08-11-2006, 07:11 AM

Re: What rate is your student loan?

Originally posted by Broken Arrow

I could've sworn that you could. Perhaps you mean that you don't qualify for the deductions?

I'm sure that's what she meant. You have to be under an income limit to be able to deduct the interest. Sadly, I can't deduct mine either.

**TinyFish** · 08-11-2006, 07:29 AM

Re: What rate is your student loan?

The income limit is fairly low as I recall. I mean low considering if you have a degree you probably have a professional job. Oh well, I suppose I have to pay my fair share since I'm fortunate enough to have the education and the job.

Hmmm...starting to feel the itch to pay down these loans again, but I think I'd better wait until we've a few more things done on the house!

In happy news, ignorance is still way more expensive and carries a higher premium than education.

-TinyFish

**ruthie** · 08-11-2006, 08:46 AM

Re: What rate is your student loan?

8% and 8.25% ... stupid private loans

**parafly** · 08-11-2006, 01:26 PM

Re: What rate is your student loan?

I consolidated in June 2005 at 2.8%. One of the best decisions I've ever made dealing with loans.

**mariec99** · 08-11-2006, 01:49 PM

Re: What rate is your student loan?

The income limit is fairly low as I recall. I mean low considering if you have a degree you probably have a professional job.

It is a really low limit in my opinion. I haev contacted my congress people to suggest that raising the limit would be a great thing to do. I haven't received any responses though.

**greedy4chips** · 08-11-2006, 10:47 PM

Re: What rate is your student loan?

First off you were loaned money at a fairly ridiculously low rate for a person with virtually no income and no guarantee of future earnings. On top of that the payments don't start until you are out of school for 6 months so you had that money interest free for up to 4 years (some more).

On the other hand...The government invested in your future so you could repay them thru additional income taxes and thus your interest rate should be no more 3% or the rate of inflation.

If I had it my way every kid would take one year off between highschool and college and work 80-90 hrs per week to pay for school! The jobs they would get and the hours worked would give them the drive to succeed in school! I watched too many friends including myself not take college seriously and after many years of hard work I went back to college and have A's in 14 of 15 classes with a 1 credit B in 3 semesters. Needless to say 18 years of real life gets your priorities straight when it comes to studying!

**lisajane** · 08-11-2006, 11:04 PM

Re: What rate is your student loan?

Too bad you aren't in Canada, they have a kidsfutures program where you save and collect upcs/receipts. You can even use it towards your own student loans, maybe some of you are from canada.

I only learned about this recently. I wonder if I can collect enough KF upcs to pay for my entire edu-ma-ca-tion

**Broken Arrow** · 08-12-2006, 03:37 AM

Re: What rate is your student loan?

Originally posted by greedy4chips

I watched too many friends including myself not take college seriously and after many years of hard work I went back to college and have A's in 14 of 15 classes with a 1 credit B in 3 semesters. Needless to say 18 years of real life gets your priorities straight when it comes to studying!

Amen!

What rate is your student loan?