REVscene Automotive Forum - View Single Post - Student loan repayment... sell the car? grind it out? your advice is appreciated.

vudooca · 05-31-2015, 10:20 PM

Thank you everyone for the advice. A lot of it makes sense. I think I got it driven down to me when I was growing up that debt is bad so I thought getting rid of it at all costs was top priority. Which is half right now that i think about. There seems to be no need to suffer through it and have it heavily affect your quality of life (especially if you have no family support -hence why i needed this damn thing in the first place) if you can manage it properly. I think I might be coming to my senses...

I have a hard time explaining my ideas since I am not an accountant but im just using common sense and basic math and excel to help me here.

So this is a basic framework of my plan... Not sure the best way to optimize it... each year there is gonna be a slight raise so i just added $100 to the take home for a rough estimate.

Untitled.jpg

The only issue is to find ways to invest which I think i'd really enjoy figuring out and then beat the floating interest rate. I will try to extend the RAP but i doubt it would work now since I have a 'good' income. I wonder if there is a way to negotiate a lower floating interest rate if I tell them that I will put in 2k a month instead of the minimum?

Hopefully there isn't any major holes in this basic framework. Again thank you for your thoughts.

05-31-2015, 10:20 PM	#17
vudooca I am Hook'd on RS Join Date: Aug 2012 Location: Canada Posts: 52 Thanked 57 Times in 14 Posts Failed 14 Times in 2 Posts Member's Picture Albums	Thank you everyone for the advice. A lot of it makes sense. I think I got it driven down to me when I was growing up that debt is bad so I thought getting rid of it at all costs was top priority. Which is half right now that i think about. There seems to be no need to suffer through it and have it heavily affect your quality of life (especially if you have no family support -hence why i needed this damn thing in the first place) if you can manage it properly. I think I might be coming to my senses... I have a hard time explaining my ideas since I am not an accountant but im just using common sense and basic math and excel to help me here. So this is a basic framework of my plan... Not sure the best way to optimize it... each year there is gonna be a slight raise so i just added $100 to the take home for a rough estimate. Untitled.jpg The only issue is to find ways to invest which I think i'd really enjoy figuring out and then beat the floating interest rate. I will try to extend the RAP but i doubt it would work now since I have a 'good' income. I wonder if there is a way to negotiate a lower floating interest rate if I tell them that I will put in 2k a month instead of the minimum? Hopefully there isn't any major holes in this basic framework. Again thank you for your thoughts.