Should I refinance

D

Danielle24

Registered User
Messages
209
Hi,

Quick question I ran up a debt of about 21k which is down now to about €13,086(will be when I make this months payments). This is costing me over €600 per month. I am just about getting by and wouldn't say i'm comfortable, i'm always worried about money. If I stick at this I should be debt free in 2 years. However i'm considering taking out a loan with the CU over 5 years which will give me an extra 400e a month. I want to go back studying soon and to be able to enjoy my life more, plus (that's if they'll even give me a loan) when I have extra cash I can throw it off this loan. I'm due to get a few thousand back from shares in a couple of years, which would clear this anyways.
 
I know but I want to go back to college part - time and don't want to be still in college at 30.
 
Are you sure if you refinance your monthly repayments will be that high?

by my calculation that means you will be borrowing 13k and repaying 24k. Or are you really looking to take out another loan and put yourself back in the situation you are trying to remedy.
 
I would stick it out for the 2 years, work hard and pay it off... thats what I did, it may sound like a great idea, but i assure you... taking out a CU loan is not the answer... get below the 10K mark on the loan and it will come down fairly quick..
 
Vacuum Box said:
I would stick it out for the 2 years, work hard and pay it off... thats what I did, it may sound like a great idea, but i assure you... taking out a CU loan is not the answer... get below the 10K mark on the loan and it will come down fairly quick..
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It also means i'll be 26 going back to college
 
and... better than going through college with a pile of debt on your back..2 years is not a long time...
 
Vacuum Box said:
and... better than going through college with a pile of debt on your back..2 years is not a long time...
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Paying back €200 a month or €50 per week is hardly gonna break my back plus it's an evening course i'll be doing so I will still be working full time.
 
ok.. your mind is made up. I am just giving my opinion as " I have been there and bought a few expensive T-shirts" !! GL with it..
 
Danielle24 said:
Paying back 200 a month or 50 per week is hardly gonna break my back plus it's an evening course i'll be doing so I will still be working full time.
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Im that case why will keeping up current payments prevent you from starting college now!
 
Good luck deciding what to do Danielle. I think both sides of the argument are very good. I would have to say though that 26 is not old to start college and it would be much nicer and less stressful to be in college debt free, since you can imagine the costs of college and a busy course can mean not being able to work as much as you had hoped. I'd really recommend paying the 13k loan first and since you seem to have a full time job at the moment then take advantage of having it and pay the 13k loan off and save the 2k college fees. I just think that in the long run you would be very pleased you did it that way. You never know what is going to come down the line, best to pay a loan as soon as you can. Good luck. It seems your mind is made up that college straight away is best (although the posters here disagree) but don't make any decisions without weighing up and considering the idea of sticking with the loan and repayments as they are now. Plus the money from shares in a few years will be a nice boost when in college. I understand you have little money to enjoy life now but maybe take that pain for 2 more years and then be debt free.
 
Just thinking again Danielle - so if you plan to keep working full time then why not keep paying the 13k loan so it clears in 2 years and still go to college now. For the college fees and book fees could you try to take out a student loan that had a deferred payment plan, maybe with payments starting in 2 years time (once the 13k loan was paid off) That way in 2 years time you have finished the 13k loan, have started college now like you want and the few thousand from the shares could clear a 3k fees/book student loan so you would have no debt.
 
fizzelina said:
Just thinking again Danielle - so if you plan to keep working full time then why not keep paying the 13k loan so it clears in 2 years and still go to college now. For the college fees and book fees could you try to take out a student loan that had a deferred payment plan, maybe with payments starting in 2 years time (once the 13k loan was paid off) That way in 2 years time you have finished the 13k loan, have started college now like you want and the few thousand from the shares could clear a 3k fees/book student loan so you would have no debt.
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Hmm, that is not something I had thought of but I will definitely look into it.
 
Danielle24 said:
Paying back 200 a month or 50 per week is hardly gonna break my back plus it's an evening course i'll be doing so I will still be working full time.
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A similar mind set could be applied to saving for your college fund. Also, will you qualify for the 'grant' for paying college fees?
 
even nicer if you had a rich sibling / parent with 3k spare to fund college until the shares money comes in ;-)
 
jack2009 said:
A similar mind set could be applied to saving for your college fund. Also, will you qualify for the 'grant' for paying college fees?
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I think you're missing the point, I can't afford to save at the moment because i'm paying so much back. I doubt I will qualify for a grant, I have a good job that pays well.
 
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