Um, yah, that woulda been great, had it not been defaulted debt. Defaulted debt is bad bad bad debt. And, we saved oodles by paying it off in one chunk, cause he was at that stage where they think you're never gonna pay it off, so they'll deal with you to get you out of their hair.
On Fri, 21 Jan 2005 13:28:27 -0500, Michael T. Tangorre <[EMAIL PROTECTED]> wrote: > > From: Deanna Schneider [mailto:[EMAIL PROTECTED] > > But, then I married this guy that had school loans and we > > paid those off in one feel swoop. Ah, love. It makes you do > > crazy things. > > Ouch! The interest rate on school loans is betweeen 2-3.5%... The money you > could have earned on investing the money over 30 or 40 years would have been > way more than the money spent on interest on the school loans. The only > reason I comment on this is that my fiance and I are both well into school > debt, but no other debt. Combined we have about 110K. Our first reaction was > to pay it off as soon as possible, paying about 2K a month in loan payments > to save 9K in interest by paying it off in 5 years instead of 15 or 20. > However, going from a $900 combined payment to $2000 combined payment was a > difference of 1100 per month that could have been invested. Do some > calculations on a Roth IRA and put in the max contirbution per year and see > what the numbers are over 30 years.... WOW!... That 9K in interest is > nothing compared to the 500K you just made over the long haul! > > Noone likes having debt hanging over their head, but sometimes the low > interest debt is not so bad. :-) > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Discover CFTicket - The leading ColdFusion Help Desk and Trouble Ticket application http://www.houseoffusion.com/banners/view.cfm?bannerid=48 Message: http://www.houseoffusion.com/lists.cfm/link=i:5:143869 Archives: http://www.houseoffusion.com/cf_lists/threads.cfm/5 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:5 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
