Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
Question about my wife's student loans, about $60,000 in total..?
My wife racked up about $60K in student loans getting her Ph.D. We started making her payments about a year ago, $330/month. After a year, I saw that we have paid about $4,000 but have only dropped her balance $1,500. So if I am doing my math right, that's about $2,500 in interest on $60K, which works out to like 4%. Doesn't sound bad to me, but it is just disheartening knowing that we will be making this monthly payment seemingly forever.
She will soon be getting a full-time position and a compesatory salary for someone with her education. Is there anything we can do to pay off this loan in a better fashion? If we can afford larger monthly payments, would it be wise to make them? Any general advice for situations like this would be appreciated.
1 Answer
- Anonymous1 decade agoFavorite Answer
Always pay at least 10%. So for your wife, this would be 600 a month or more. Make sure you contact the lender so they know you want this money applied to the principal and not any future monthly payments (which they usually automatically do if you dont tell them so they can still charge you interest on the principal).
They can be paid off. She will get there... it took me 12 years.