Tuesday, November 18, 2008
I haven't written in a few days because I am in a bad mindset financially. I have been contemplating buying a house, but determined that my student loans are so outrageous that it scares me to take out any more money. I currently have just over $105,000 in student loans and have 23 more years of payments. No bank or company will consolidate my private student loans which are at a variable interest rate. While the market is down, so is the interest rate, but as soon as the ecomony is booming again my rates will skyrocket. I know there is tons of advice out there stating that you should not repay your student loans faster than necessary,but I cannot stand it. At this rate, I will be over 50 before they are paid off and that is unacceptable to me. Thus, I believe that I am going to take next year and aggressively pay back my student loans. I understand that it is still going to take several years of aggressive payments before it is paid off, but I cannot stand it hanging over my head. At least with a house, you have something to show for it.