I agree with the work and pay it off plan. I also hasten to note that
your plan to borrow even more money on a rental property is NOT heading
in the right direction. Rental property is a business; one has to learn
the business in order to break even. You don't tell what your degree
is, but if you were granted the loan to study, then stick to the
business you studied - whether it's microchips or horticulture.

There is also the expense side of the ledger. Cut your expenses and pay
off an additional $25/month (total now = $50/mo). When you see
something you *could* buy, that you don't *need* to buy, take that
money and mail it in to further reduce your debt (total now = $150/mo).
Learn bus schedules, and walk for exercise - take the money you save on
gas, insurance, parking, taxes, registration, oil changes, and pay down
your loan balance by an additional $160/month (total now = $310/mo).

the $300/month for the new 30k in debt is probably on a 10 year
repayment plan.

The $200/month for the 20k in consolidated debt might be for 20 years-
check this out. Whenever I saw consolidation plans they doubled the
number of years to be debt free. Consolidating may give you more cash
today, but it will take you maybe twice as long to become debt free.

I graduated with between 60 and 70k in debt. Most interest rates were
around 8-10% variable on my student loans. I worked hard and paid them
off within 7 years. Pay an extra $25/month to each one and watch the
minimum payments drop.

That Walmart job was a good idea.

ha you mean rich older wife

"John A. Weeks III" <john[at]johnweeks.com> wrote in message > As I see it, your best options are to find ways to increase
- quote -

Or a wife.

Elizabeth Richardson

In article <1141164464.775355.231640[at]u72g2000cwu.googlegroups.com> ,
"King Lerxst" <jbrown25[at]gmail.com> wrote:

- quote -

$500 a month is trivial. You could get an $8 an hour part time
job at Walmart, and earn $500 a month working 15 hours a week. That
is just a bit over 2 hours a day, or if you want some days off,
work 15 shifts of 4 hours each. If you get off of your regular
day job at 5PM, you could work the 8PM to Midnight shift, and
still have 5PM to 8PM free to have dinner and socialize. All
you have to have is a desire to pay off the debt that is greater
than the desire to sit on the couch watching TV shows.

- quote -

We would all love that. But lesson #1 in life is that there
is no fairy god mother to wave any kind of magic wand. If you
want magic to happen, you have to make it happen the old fashioned
way, by working hard for it.

- quote -

So how is going to give a personal loan to a 27 year old with
no real estate experience and is head over heels in debt? And
how exactly do you do a refinance and end up with $50K, unless
you are planning a very high risk high interest rate cash-out
refi? Keep in mind that if you did that, you would be making
huge mortgage payments, much larger than what your student loans
currently are at. How does that help any?

As I see it, your best options are to find ways to increase
your income, find ways to work more, and find a husband who
is willing to pay off your debts.

-john-

--
================================================== ====================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ====================

"King Lerxst" <jbrown25[at]gmail.com> wrote in message
news:1141164464.775355.231640[at]u72g2000cwu.googlegroups.com...
- quote -

I'd be surprised if you could refinance a property, get $50k over the cost
to you out of it, and get better payments than what you have on your student
loans. I doubt you could cover the payments from the rent either.

-Will

I am young 27, and have amassed a massive amount of student loan debt
over 50k dollars. The likelyhood of me getting a salaried job that
pays enough to cover the monthly consolidated payments is slim. Before
going back to school I had 20k in stuent loan debt and paid close to
200 a month consolidated now I have 30k more unconsolidated to add to
that. The way I figure it I will be paying close to 500 a month in
student loan debt. I would like to eliminate that in one swoop if I
could. I have friends from college who have become very successful at
buying and renting out property. That got me thinking if it were
possible for me to purchase a home that was seller financed if it is at
all worth it, to rent it out, refinance, and pay off the student loans.

King Lerxst