Hey everyone. I have about $59,000 in federal consolidation loans at about 4.375%. I am paying interest only at $228. My wife has a private Sallie Mae loan at about $34,000 and is paying interest only of about $140 a month. She also has about $16,000 in federal loans and we are paying about $164 a month on those (about $60 goes to interest).
Anyway, we have tons of debt, but manage to pay off about $2000 in principal every month. We are big into DR. I understand why he says not to borrow money to go to school. I met a guy today during a training who admitted that he will be paying student loans until he dies. He is 3 classes away from earning his Ph.D in education. Well, I don't want to be one of those people. However, I do want to go for my Ed.D/Ph.D. I just don't want to add anymore debt to our load.
My wondering is this: After 10 years of on-time payments, we will be able to get out loans forgiven (as far as I'm concerned). If I add $20,000 to these loans to go get my doctorate, but I continue to pay the minimum every month and do not defer, will these new loans be able to get forgiven when the rest are?
I seriously want to go earn my degree while I am still young. But I do not want to drown to do it. Heck, some people even said you should take one class until you die so you will never have to pay on it. LOL. I would never do that.