View Full Version : Gotta love the Student loans...
Well, a question has arisen in my mind... but before that, brief history:
Bachelors in Music Education, Masters in Music Performce, recently moved here (about 6 months or so) after getting married and was not in the right "season" for getting a job in my feild. Hence, I work a "administrative assistant" job in a field I have no interest in. So, I'm right out of school, student loans are coming due. I do not make enough to cover them all. Was denied forbearance/deferrment as I was late on an inital payment. I understand, my bad. Now, the wife and I are kind of minimalists, meaning we don't have knick-knacks or a $1K leather couches or a 50 inch flatscreen TV (though that'd be nice, lol) or any stuff like that. I dream big but really have only a few pricey possessions... mainly my trumpets and firearms.
I may be thinking of selling some of these possessions to get the student loan debt taken care of...
Music is my love (outside of my God and my wife). I cannot fathomly see selling my trumpet. I still use them almost everyday... however, I am not currently in a job to where I use them to justify holding onto it even though I hope to find a job this summer... Confusing huh? lol I would be sick giving any of these up.
Firearms... part of my culture. I only have a select few that all serve a certain purpose. Some of my greatest memories are with my father and grandpa firing some weapons. How many 12 year olds (at the time) can say they fired the main turret of an Abrams or gotten to unload the cannon on an AH? Again, I would be sick giving these up.
So, how does a guy figure out which way to go? Any words of wisdom, advice, etc is appreciated. Do I just hold onto them all and tell the credit companies to blankety-blank?
hmmm... poll inbound if I can figure out how to work it.
I've been doing some work getting my debt paid off and what has been working for me is to make minimum payments on all cards and big payments on just one card at a time, then once that is paid down, roll those payments into the next card and so on. That is the most popular thing to do and has made me better at watching my spending. However since you are dealing with loans, I'm not sure how that info can help you.
I guess I'm just trying to say good luck and hang in there.
Will selling your prized possessions actually pay off your student loans? Or are you considering selling them just to have $ to start making payments?
Mutt, they are the only things I really own that can actually being a return. So I am considering selling them to have some money to start making bigger payments. Granted, I get by each month but it's just barely, no unnessecary spending (except teh occasional range trip or date night with the wife). However, with both a BM and a MM to pay for, the payments are getting larger. Minimun payments won't cut it. My student loans will (most likely) not be paid off for several years. Total is around $40K +/-.
I feel sorry for the robber if I ever get robbed. Most people don't know the value of musical instruments and the guns are locked up. I guess they could try to steal the VHS player and the TV that only gets three stations but only in a blue/green shade! HAAHAAHAHA. They could steal my car but then... oh wait, why would they want it! (no suspension, no front bumper, no electronics, hood won't open, etc) HAHAHA.
Batteriesnare
02-01-2010, 12:20
Being a fellow musician with a similar predicament, I'd recommend the firearms. Your trumpets are your work and though you may not be playing as much you should hold on to them (a carpenter doesn't sell his hammer, does he?) The firearms would have a higher value (compared to what you paid) and you could probably make a deal with a good forum member to be able to buy them back in the future.
GreenScoutII
02-01-2010, 12:20
Well, I'm not trying to pry into your personal business too much, but how much do you owe in student loan debt? I think that would be the determining factor. If you owe a couple of thousand, but the payments are killing you right now, it might make sense to sell some possessions to knock them out and be done with it.
On the other hand, if you are in the situation my wife and I are in with another 30K of student loan debt, it doesn't make any sense to sell 2K worth of stuff to be looking at 28K of remaining debt and not have the funds to replace your stuff.
At the risk of exposing myself to the machine gun fire that will surely result from mentioning this here, this issue was one of the things I liked about Obama's State of the Union address. He mentioned making changes to student loan repayment. I haven't read up on the details, but I think a lot of people are struggling with student loan debt.
Ok, here goes: (I'm ducking for cover now)
The government pumped BILLIONS (our tax dollars) into failing banks, why not give the regular folks a break?
ChunkyMonkey
02-01-2010, 12:33
Who's your student loan carrier? Missing payments on gov't sponsored or direct student loans can negatively impact to your ability to borrow from Federal in the future.(FHA guaranteed loans, fannie, freddie, SBA etc).
Good luck to you
newracer
02-01-2010, 12:35
Although you were denied forbearance/deferment you should still be able to get the payments set to what you can currently afford. I'd try that before selling an possessions.
Donate Plasma. Or I should say sell plasma really, since they pay you for it.
BuffCyclist
02-01-2010, 12:41
Being a musician and owning instruments that were given to me by relatives that are quite costly, I could NEVER sell them for money. I would be quicker to sell a firearm, my firstborn, or the neighbors cat.
In all seriousness, you can always pick up musical gigs on the side (look around, a lot of churches pay good money for talented musicians). And, if all else fails, you can play your trumpet on the street and make a few bucks.
Granted, you could also play your firearms on the street and make quite a bit more, but at that point I doubt student loans would be your biggest worry...[ROFL1]
Remember, quality instruments (performance) increase in value with age. Firearms decrease slowly. It's hard to say. Any way you can ride it out and not pay the payments until summer when you get a job (as in, how much extra interest would accrue if you didn't start paying?)
Student loans are from a variety of sources since degrees are from different states. Some private, some federal. I've tried consolidating, but some private can't be mixed with federal and vice versa.
Batteriesnare, that was my thoughts as well.
Greenscout, it was mentioned in previous post. About $40K give or take. I agree as well, probably not good to sell off to just get $2K ahead.
Stuart... I hate needles... but I may have to bite the bullet, lol. I'm sure I could give a gallon without it affecting me (haha).
Newracer, apparently there is some formula they use to calculate payments, henceforth the minimum payment will be x percent of x amount. I'll have to type out one of my phone coversations one of these days, there are infuriatingly hilarious!
Being a musician and owning instruments that were given to me by relatives that are quite costly, I could NEVER sell them for money. I would be quicker to sell a firearm, my firstborn, or the neighbors cat.
In all seriousness, you can always pick up musical gigs on the side (look around, a lot of churches pay good money for talented musicians). And, if all else fails, you can play your trumpet on the street and make a few bucks.
Granted, you could also play your firearms on the street and make quite a bit more, but at that point I doubt student loans would be your biggest worry...[ROFL1]
Remember, quality instruments (performance) increase in value with age. Firearms decrease slowly. It's hard to say. Any way you can ride it out and not pay the payments until summer when you get a job (as in, how much extra interest would accrue if you didn't start paying?)
Once again, I'm impressed by all the musicians on this forum... Serisouly gives thought to starting an COAR15 Band, lol.
I am in the Springs area and I've tried to pick up gigs on the side. However, with the shear amount of musician in this area it is hard. There are the musicians from the Ft. Carson, Ft. Peterson, Air Force Acadmy, Colorado Springs Symphony, band teachers, etc all vie-ing for the one or two secular gigs that come along. I do play in church but unfortunately, it's a smaller church and it's a "for the glory of the Lord" situation. Back in Texas I played at a "mega" church in the panhandle and made about $300 a week for 2 hours of work... I miss those days, lol.
Payments are already due, even missed once hence the declining of the forebearance/deferrment. Interest is low but I don't want to "skip" payments if I can avoid it. That leads to all sorts of problems, especially with Sallie Mae I've heard.
Good thoughts, I appreciate them all.
Mutt, they are the only things I really own that can actually being a return. So I am considering selling them to have some money to start making bigger payments. Granted, I get by each month but it's just barely, no unnessecary spending (except teh occasional range trip or date night with the wife). However, with both a BM and a MM to pay for, the payments are getting larger. Minimun payments won't cut it. My student loans will (most likely) not be paid off for several years. Total is around $40K +/-.
I feel sorry for the robber if I ever get robbed. Most people don't know the value of musical instruments and the guns are locked up. I guess they could try to steal the VHS player and the TV that only gets three stations but only in a blue/green shade! HAAHAAHAHA. They could steal my car but then... oh wait, why would they want it! (no suspension, no front bumper, no electronics, hood won't open, etc) HAHAHA.
That's a tough one BigBear. If selling your stuff would let you get out from under the Debt Monkey, I'd recommend you do that in a heartbeat just so you could sleep easier at night and not be beholden to another. But if it's just going to let you make payments, that's a bit more complicated.
If you are making ends meet now, I would recommend hanging on to your stuff. I can only assume you will be selling your stuff at a loss, so replacing it in the future is only going to cost you more money. That's not such a good deal if your not actually paying off a debt IMHO. You don't know what tomorrow, next month, next year may bring financially. You may have better means then. It will probably be cheaper just to up the payments when you can rather than trying to re-buy all your goods.
I would also highly recommend keeping anything with sentimental value (such as items your Dad or Grandpa gave you) because no amount of money will ever replace those memories. Those kinds of items should only be sold when you have no choice. Sell or starve so to speak.
As for telling your creditors to blankety-blank: You can't do that with govt guaranteed student loans (and I'm assuming these are). Bankruptcy doesn't get rid of em, and not paying will just eventually put you in a bad situation in front of a federal judge.
Now if you have other debts, like unsecured credit cards, there's some wiggle room there. You can call your creditors and ask for some help (reduced payments, interest rate reductions, out-right forgiveness, etc). Your mileage there will vary. You can also claim bankruptcy to get the payments reduced. And, depending on your situation, it may just make better financial sense to walk away from your credit card debt. That's a touchy subject though. Even if you can technically do it, there's a matter of honor and repaying the obligations you owe.
I feel for you my friend, it's no fun to be under a mountain of debt. It took me a while to learn my life's lessons ( I was plain stupid in my younger years) and climb out. Now that I know what it feels like to be debt free, I'll never go back.
Rgr that. Credit cards are paird off as of last year. It's just the student loans now. I know I can't really tell the creditors to blankety-blank... I just needed another option for the poll, lol. I do not plan on declaring bankruptcy... that's a last option, and then again as mentioned, I'm still responsible for gooberment loans so it wouldn't help.
Good thoughts/comments all.
The biggest thing that helped me, and the smartest thing I did was call creditors and move due dates to better serve how I got paid. I wrote down EVERYTHING I owed on and WHEN it was due (also wrote the amounts). I pay my rent on the first of the month, and it is over 50% of my check so I made sure to move stuff to the second part of the month if I could. The credit card I was having the most trouble with was due before the 15th, so I called and had it moved to after the 15th and now it's not a problem at all.
Another thing I did was to take advantage of some of the perks or my auto insurance policy. I'm with one of the companies (a lot of them are doing it now) that reduce your deductible by like $50 every 6 months you go accident free. Well, once I got to having $250 taken off my $500 deductible, I called and switch to $1,000 deductibles. Now I'm paying the $1,000 rate, but only have a defacto deductible of $750 (and dropping). It was kind of a risky move but it saved me a LOT of money per month (in relation to what I make anyway) and I figure that both our cars are getting low enough in value that any significant damage would total them anyway.
Those may not apply directly to you this time, but I thought I'd throw them up as useful tips for anyone else and something to keep in mind for the future.
Interesting about the car insurance... Mine would be totaled for a grand total of... "tree fiddy dolla!" lol
funkfool
02-01-2010, 16:54
BigBear:
SallieMae loans... crap.... yeah - I got 'em too.
Looks like I have 14.3K left on them - mo. payment is 175.00 - paying 200.00 even - maybe it will get paid off one day... tough to deal with - but I am paying off credit card debt first - the interest isn't deductible.
Some good news - (if there is any):
Student loan interest IS tax deductible...
Free Turbo Tax on Sallie Mae's website...
What repayment option are you set up with?
Check other options here: https://www.manageyourloans.com/MYL
You are in the Springs - right?
Hit the jam nights - gotta be a paid gig or two out there for you...
Not sure about these - but worth a try for extra paid gigs...
http://www.bandmix.com/colorado/colorado-springs/
http://www.musicianhunter.com/MessageByState.asp?action=GetRes&searchby=City&State=Colorado&ID=6
http://www.coloradospringssuperads.com/Musicians_Classifieds/index.aspx
http://www.joinmyband.co.uk/classifieds/region.php?f=52
Personally can't stand the CSIndy - but:
http://www.csindy.com/colorado/playing-around-listings/Content?oid=1111447
BTW - if you have a good video camera (I have one if needed)- go to a jam night - video your performances and post it on you tube then start linking it for musician wanted ads...
In our industry - you know it is all promotion... (I used to say "You could sell pressed dog $h1t if it had the right label on it!")
Hang in there brother.
[Bungi]
Troublco
02-01-2010, 17:32
Did you happen to ask whether or not you could re-apply for a forbearance once you got current? You might see, maybe you could go that route.
funkfool
02-01-2010, 17:49
Stuart:
Another thing I did was to take advantage of some of the perks or my auto insurance policy. I'm with one of the companies (a lot of them are doing it now) that reduce your deductible by like $50 every 6 months you go accident free. Well, once I got to having $250 taken off my $500 deductible, I called and switch to $1,000 deductibles. Now I'm paying the $1,000 rate, but only have a defacto deductible of $750 (and dropping). It was kind of a risky move but it saved me a LOT of money per month (in relation to what I make anyway) and I figure that both our cars are getting low enough in value that any significant damage would total them anyway.
This is a great idea... I have a older model truck I should do this with - I think we have our ded. at 500.
BigBear: Should have prefaced my reply with: Try not to sell your music gear OR your firearm heirlooms - find a work around.
Disclaimer: I know - I'm not you - but try to find a pick-up gig here and there - some pay pretty well around here - find some other folks that are paying trumpet in local bands and befriend them - I used to fill in for friends of mine when they had 'other commitments' and couldn't make a gig - happens more often as we get older - especially in spring/summer and holidays (Have to attend weddings, go to family functions etc...)
Good luck.
[Beer]
Write a cook book. Or better yet...my lady is a great cook, and has always wanted to do a Spanish cooking show, since those don't exist on local spanish programing. So why don't you write and teach her some recipes, she'll show how to make them in Spanish, we'll put them on youtube and wait for a producer to call us. What do you think?
MichiganMilitia
02-01-2010, 18:16
Just an idea, but when I was in high school, I used to play in a little jazz group (drummer, bass, keys, and trombone) and we would play in classy restaurants and coffee shops for a few hours once or twice a week. At the coffeeshops, it was usually just tip money and we'd get about $50 each for an hour and a half of playing, but there were a few upscale restaurants that would pay us a flat rate + tip money and we could usually bring in a few hundred dollars each for 2-3 hours (plus set up time). We had a few real charts, but mostly we just did 12-bar blues type stuff from a fake book with lots of solos and variations of the melody in different keys. We also did 2 weddings that brought us about $400 each for the night + a free bar and good company for the night ;)
Ok, here goes: (I'm ducking for cover now)
The government pumped BILLIONS (our tax dollars) into failing banks, why not give the regular folks a break?
Two reasons.
1. Most people don't deserve a bailout
2. Even if you gave them one they'd spend themselves right back into ulcers within a few years. Some even sooner.
working in collections has completely ruined the part of my brain where sympathy is made.
best of luck to you bigbear
Yes Sirs, I've tried the coffee houses etc... too much going on with the other musicians in town. They've been here longer and thus have the connections. I just wanted to complain for a bit. I'll survive, always do.
Elhuero, I hear you man. You never hear the after stories of people who won the lottery. Why is that? It's because they got themselves in deeper than they were before they won.
What I would do (if I even played, much less won) is pay off all debts, buy a running car, throw the rest in an interest gaining account and keep on living my life like a normal guy and going to work. Forget about it all until retirment. Yes, I might use some to grab a rifle or a trumpet but never going full out and buying a million dollar house with a boat, blah, blah, blah. lol. Anyways, I'll never win cause I don't play.
MichiganMilitia
02-02-2010, 10:32
Free handouts never got anyone anywhere. But neither did taxing them to oblivion.
Rgr that. My dad calls the lottery the "stupid people tax". In ways, it is fitting.
My apologies to anyone who does play the lottery.
Wow, 7 votes for giving up the horns... not sure if I could... so sad. Anyone want to buy a trumpet? lol.
Batteriesnare
02-02-2010, 10:47
Wow, 7 votes for giving up the horns... not sure if I could... so sad. Anyone want to buy a trumpet? lol.
Yeah, but the firearms also have the lowest vote....I think your sample market may be a tad biased....[Coffee]
GreenScoutII
02-02-2010, 11:19
working in collections has completely ruined the part of my brain where sympathy is made.
Or perhaps it was damaged when you sold your soul?[LOL] Ok, just kidding about having sold your soul, but you have to realize that as a collections agent you are in the least popular profession in America today. That has to be a tough gig, I don't know if I could do it.
It was a rhetorical question anyway. Personally, I don't see why the government took it upon themselves to use public funds to bail out private corporations and banks in the first place. I do think if they were going to spend taxpayer funds, the taxpayers should benefit directly though.
Elhuero, I hear you man. You never hear the after stories of people who won the lottery. Why is that? It's because they got themselves in deeper than they were before they won.
heh I'm glad you understood my post. I was thinking this morning that I could have worded it a little bit better, so's not to make anyone think I didn't have any sympathy for you.
I never play the lotto either, but it's fun to dream sometimes.
as for the poll, well it's a gun board. most are going to choose them over music stuff. probably would be reversed if this was a forum for trumpet players.
I've always regretted selling a gun, but in your case I'd say keep a couple to defend your family and sell the rest. (If you can, being that you have a 'select few' that serve a specific purpose.) You can't go shoot every single day, but you can play time. hell, pick your best/favorite horn and sell the rest.
I never make fun of the lotto because a lot of that money goes to the state, which is 1000 times better than them taking that money through a tax.
Depends on which lotto.
Colorado Lottery Lotto ~1:5.6mil
Winnable.
Powerball ~1:192mil
Not really winnable.
If 19.2million people in US plays Powerball, there will be 1 winner per 10 drawing.
They draw 104times per year.
There will be ~10 Powerball winner per year @ 19.2mil participant.
THAT IS LESS THAN ENTIRE US POPULATION OF BILLIONARE! :D
Ok, so my question is this:
Do the guns have actual sentimental value. Did you actually shoot those guns with your family, were the guns given to you by your family? If it's just that you remember gun culture with family generally, and not related to these specific guns, then sell them.
If it was the M1 Garand that your grandfather served with in Normandy, then of course keep that. You see where I'm going with this? If these guns aren't anything special, then dump them and down the road when you have money again you can pick up something newer (and better!)
My two cents, good luck to you!
ChadAmberg
02-07-2010, 12:12
I agree with Hoosier but with a different slant. Keep guns you really enjoy or have sentimental value. Sell one or two that don't.
Lets say you make a thousand bucks from that.
Then open up an emergency fund with that thousand bucks, and put it away.
For me right now I don't owe very much compared to what I make, but I'm very cash poor right now. I know how much my interest rate is charging me a month and I'm OK with that. In an emergency I could live for over a year just off available credit. But not having a small emergency fund is what is killing me right now. So I get my work bonus in a few weeks, and for once I'm not using it to pay down debt, I'm going to put it away to keep myself out of trouble. A few more months on the debt won't make or break anything.
IMO firearms and musical instruments can easily be replaced, found again unless you have something very rare.
Inventory what you have, figure out which guns/instruments have the most significant/sentimental value and look to sell the rest.
Also take into considerations your needs. I already know you need to keep your CCW and you definitely need to keep the shotgun since you wife is so well trained on it.
If you are using your instruments constantly and they are your true love then keep those, if you have something you could live without for a while, sell it. there will always be more.
I read in the previous posts these aren't to be sold to pay things off, but more to give you an emergency backup fund. good idea to get top dollar for them. if the deals are good enough you can sell almost anything instantly.
Also take a look around the house for various things you don't really need that are more of a convenience than a necessity and sell those on craigslist.
Put all your cash into a fund you won't draw from...even think about a CD so you can gain a little bit more interest than a savings account or something (CD rates truly suck right now as well but they will beat a savings account). just make sure you get one that won't penalize you if you pull the money early in case you need it...you won't get the interest or it will be pro-rated but that is a mute point in the time of need.
Well said sniper... and just so you know in the future, it's "moot" not "mute" in this usage ;)
I knew this! I promise! My dad was a high school english teach for 36 years! he would be disappointed in me now![Rant1]
Yeah, using Firefox helps me tons because it underlines anything it doesn't recognize. That still leaves me to remember there / their / they're and bear / bare and the like.
Yeah, using Firefox helps me tons because it underlines anything it doesn't recognize. That still leaves me to remember there / their / they're and bear / bare and the like.
I do the same thing![Beer]
.... They have tied me to a stake. I cannot fly, But bear-like I must fight the course. ...
Too much. I may just sell 'em all. If I can hold off till August and see if I get a job in my feild that pays more, I may be okay.
theGinsue
02-08-2010, 10:18
Well said sniper... and just so you know in the future, it's "moot" not "mute" in this usage ;)
Unless you're Joey from "Friends", then it's a "moo point".
I agree with what has already been said. If you really need the money, keep the things that have sentimental value and sell the rest for what you can get for it. those items can be replaced when you get back on your feet, but the items with sentimental value can never be replaced.
Troublco
02-08-2010, 10:18
Don't sell it all, BigBear. Unless you could get completely out of debt by doing it (not going to happen, from what you said), you need something, maybe a couple somethings, for yourself. If you decide you have to get rid of some of your stuff, keep your rifle, a pistol, and your horn. You have to have something for you. Don't give up your ability for self defense, or self determination, or whatever you'd like to term it. Also, I am reminded (as I am so often) of an old saying:
When you have only two pennies left in the world, buy a loaf of bread with one, and a lily with the other. ~Chinese Proverb
I've also thought of another saying;
Remember that the most beautiful things in the world are the most useless; peacocks and lilies for instance. ~John Ruskin, The Stones of Venice, 1851
In this case, the things you like are far from useless. Both have an intrinsic value beyond what they're made of. "More than the sum of their parts" some would say. Keep the faith, keep moving forward, and you'll get through it. Just don't forget to smell the roses.
theGinsue
02-08-2010, 10:19
Yeah, using Firefox helps me tons because it underlines anything it doesn't recognize. That still leaves me to remember there / their / they're and bear / bare and the like.
Regarding "bear / bare", try this for a memory tool: Site member "BigBear"...you don't want him to be BigBare!
Troublco
02-08-2010, 10:20
Regarding "bear / bare", thy this for a memory tool: Site member "BigBear"...you don't want him to be BigBare!
AAAAAAGGGGGGGGGHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!
[Shock]
HA! WTH?!?! I thought Bear's were furry!?!?!?! RRRRRUUUUNNNNN!!!!!!
Either that boy's in heat or he's excited to see me.... HAHAHAHAHAHAHAHAHA
Troublco
02-08-2010, 11:14
HA! WTH?!?! I thought Bear's were furry!?!?!?! RRRRRUUUUNNNNN!!!!!!
Either that boy's in heat or he's excited to see me.... HAHAHAHAHAHAHAHAHA
[ROFL1][ROFL1][ROFL1][ROFL1][ROFL1][ROFL1][ROFL1][ROFL1]
Did someone say "bear"?
http://www.youtube.com/watch?v=nQoToUy4ALA
Did someone say "bear"?
http://www.youtube.com/watch?v=nQoToUy4ALA
Oh my god... really? I want my 5 minutes back.... lol.
[Rant1]
I knew I'd sucker someone into watching all of it.
High five.
I find that video hilarious.
Whew, we must have two amazingly different veiwpoints of "funny"! lol.
Troublco
02-08-2010, 13:32
Stuart sometimes has a very dry sense of humor. Dry like Death Valley....
If there was a British accent font, I'd use it all the time.
Troublco
02-08-2010, 14:10
Even if you could find one, I think it would be too much like a southern accent. Sort of like sorting out sarcasm online....
Yeah if I tried to make a tea and crumpets joke on here, people would think I was talking about sweet tea. Blimey!
Troublco
02-08-2010, 14:33
Bloody yanks.
(Wait, that's me....)
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