I am not exactly batshit nutters, but i'm not exactly calm about the situation either. I knew that i would get the little letter saying that the payment was due. I can handle that.
But it came with this other letter. The unexpected letter said that I had something called anticipated capitalized interest that will be added to the balance if I don't pay it. That paper involved a total of $11,903.10. So, on Valentine's Day (seriously), when they have not received their check from me, that money will be added to my student loan balances and they will be right around $100,000.
I am so happy that I blocked out this part of having student loans so that I could create a happy world of rainbows and unicorns and debt payoffs. Now I am just a deflated balloon with a very expensive law degree. There's no rainbow.
Hell, thanks to the geniuses in Congress, I can't even get a damn tax break for the giant interest bill because I make too much.
I'm going to sulk in a sea of morass and sad clown paintings now. Why in the hell did I think it would be a good idea to finance a professional degree when I was already working at a job that paid well????????
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Not to sound like an a-hole, but it doesn’t sound like you thought law school through. Then again, no one told us that not every lawyer makes 150K when they get out.
Also, and again not to sound like an a-hole, if you can’t deduct your interest it means you are making north of $80K (if you are single) or north of $150Kish if married….might just mean you need to budget a bit better or consolidate QUICKLY
Thanks, Evan, I appreciate the comment. First, feel free to curse all you want. (I obviously do.)
I’ve worked full time since I was in undergrad and I’ve never been able to deduct my interest and I was making around $70k then.
I consolidated my loans immediately after graduation. They’ve been in forberance for three years while I got my shit together after my divorce and particularly while I was trying to pay for healthcare that doesn’t take insurance. Not to mention a healthy dose of stress spending.
I am lucky that I make a good salary. I am into low six figures now. My husband is also a lawyer. I’ve just avoided my student loans for years and now they are out of forbearance and reality is kicking in.
It’s just one more thing to tackle. It’ll get paid off. Credit cards first. Bank of Grandfather after that. Then student loans. Then mortgage. And savings along the way the entire time. My new financial outlook.
GOOD SHIT! (you gave me the go ahead).
I found that when I started my blog 18 months ago, is when things really got done. I have found that it goes both ways when it comes to blogging, either 1) You get your shit together or 2) you just quit blogging lol
Side note: See if typepad has a follow comments plugin
You’re fortunate. It could be worse. You have the income to easily pay your loans if you pay attention to them. I say this because I’m single, making exactly $100k, with twice your student loan debt. And I’ve been paying since I was making a shitload less than what I currently am. I pay $1350/month in loans, in part due to capitalization of interest as well (and believe me, my capitalized amount was a crapload higher too), and in part because I left law school with a cool $205,000 in loans. I did contract work for one year, took a 6 month forbearance when work dried up, and have been paying ever since. It’s definitely doable, and I’m sure you’ll make do fine.
Thanks for the encouragement. Seeing the capitalized interest was just a kick in the stomach. I’m fine with it now. It’s just one more hurdle in this mountain o’ debt to deal with. I should not have taken the full three years forbearance. Yet another bad financial decision. Sigh.