Private Student Loans

I've had terrible luck with Wells Fargo (they are the worst, the absolute worst) but I'm in the middle of an application process that could potentially lower my rates. Of course, the entire time Wells Fargo has dragged their heels and are trying to use my current debt (i.e. the student loan they have) against me so I can't get a better interest ray (fuckin' cunts).

BUT I'm sending out energy and prayers that maybe, just maybe the universe and God will smile down upon me and help me get something amazing like a 7% (or lower!) fixed interest rate. If you're in any way spiritual or religious send a prayer out for me?

Crunching Numbers

Source

Way, way, way back in September of 2011 I posted my monthly budget. I was trying to figure out ways to save up for my student loan bills. It was after that time that I was mailed the letter saying I owed $821 a month in student loans. I want to take a look back and update the numbers to see how far I've come in a little over a year.

Looking back I have no idea how I managed to scrap an extra $745.60 out of my 2011 finances. I know I couldn't really afford to make any more payments on my previous student loan which was embarrassing and frustrating. Luckily, my Mom was able to help me with that. I am very proud to say that I have made every student loan payment now myself and even though it's hard I feel very accomplished for doing this.

How I saved money this past year:
-Got a better job where I make about $10,000 more a year (thank you Lord!!)
-Moved in with my boyfriend, splitting the costs of bills is a life saver
-Free cable and Internet due to my boyfriends job (yes!)

I've been taking the bus more and more which is great at saving on gas costs. I've been terrible about it this past month because it's been really cold and I've been working two jobs. Leaving the house at 5am or 6am and getting off at 10pm is hard enough without having to wait for a bus. But it's definitely my goal to take it more this month. Got to pinch pennies where ever you can!

If you noticed above the difference between what I spend now versus what I make leaves a nice little chunk of ~$1000 left each month. This would be the extra $1000 I plan on spending each month on my student loans. I had contemplated just making an additional payment each month and putting the rest in savings but the difference is pretty astounding:

I remember every time I called Wells Fargo and asked for help I never understood why they only thing they suggested was paying more. Now I sort of get it, it's the interest that kills you. I'm at about 8% interest right now and most of what I pay doesn't do anything to chip away at the principal loan. They way I see it, this year I'm paying around $6000 dollars in interest no matter what, I'd rather pay a little extra and pay off $3000 more of my loan. I've done the math for about 2 years out and if I keep making huge payments I could knock it down to around $50,000 which is so much more manageable than close to $100,000. Now, this math is all based around my interest rate staying at 8%, knowing my luck it'll skyrocket to a million and I'll just die. However, if that doesn't happen, or if *gasp* luck could smile down upon me and LOWER that interest rate I can make such a huge interest in 2 years. I'm a little bummed about not being able to save for a house but once I pay off this thing I'll have so much extra cash it'll take me a year to save up.

So that's it. That's my financial goal for this year. Pay as much of this silly, stupid, God awful loan off as I can. However, here's the catch. I want to be able to do it and still have a life. I read an article recently about a guy who managed to pay off $26,500 in student debt in 2 years. This is great. Except dude did some CRAZY ass shit, like not turning on the heater in Atlanta winters. I turn on the heater and I live in Texas. He also sometimes ate spoiled food. I'm all about financial goals and sacrifices but I want to prove that it is entirely possible to save money and pay off debt without becoming a shell of a person. I can live life and live it BETTER than before because I'm becoming more and more financially sound.

Wells Fargo is Mind Fucking Me

So after weeks of pure hell trying to deal with Wells Fargo it looks like I might finally get my loans consolidated. YAY, right? NOPE. It appears that Wells Fargo is the king of mind fucks. Seriously, I doubt anyone could touch the bull shit this bank has put me and my family through.

If you remember my original loan monthly payment was $821. My new monthly re payment is......* Drum roll*


Yep, $748.68!! A whooping saving of $72.32. After weeks of tears and stress and ulcers that kept me up at night it's all worth it because I saved less than a hundred-fucking-dollars. Don't worry it gets better.

As it turns out I have a special relationship with Wells Fargo. So special that I get a MASSIVE discount of 0.250%. All along I thought Wells Fargo was fucking me out of hate and spite but it's clear they're fucking up my life out of love.

I always thought I was good at math but after looking at this bank statement it's clear that I know nothing about numbers. I borrowed around $80,000 which is somehow $91,000 and then $91,000 equals $224,000. SUPER. I could have gotten a better deal with the mob. The original amount of $821 a month projected I end up paying around $147,000...how did consolidation make it worse????

I fucking hate this whole thing. I should have never gone back to school, the increase I get in pay with another degree will never equal what I will pay out in a life time. I feel like I will never escape this debt. It feels like a punishment, a life sentence of stress. I'd have an easier time trying to empty the ocean with a teaspoon. It's to the point I'm starting to think crazy thoughts, like, maybe I should do porn or nude photos. So glad I got a great education that can only be paid back through whore-dom. Also, throwing myself in front of a city bus or maybe black mailing a politician. Both equally appealing at this point in my life. Charging my boyfriend for sex? SEEMS REASONABLE. Rob a casino a la Oceans Eleven? TOTALLY DOABLE.

I'm emailing friends asking if they know about jobs, I'm picking up shifts at my old work, I'm trolling Craigslist like a fiend. I just want to live in world where re-paying my student loans doesn't mean killing myself with work or having to live the life of a pauper.

Since there's nothing I can do about this bullshit (at least at this point and time) I'm going to use the last hours of my day off to drown myself in a bottle of skunk wine and television. Also, eventually brownies. And yes, I did say skunk wine. I have to drink old skunk-y wine because I can't afford a $5 bottle of Yellow Tail.

p.s. please buy stuff from my Ebay. Please.

Life and Loans

Married to the Sea only speaks the truth.

Wells Fargo is the bank that holds my student loans. Long story short I didn't qualify for federal student loans so I had to get private bank loans. About a week or so ago I received a letter saying my payments were set at $821 a month. Cue crying. Lots and lots of crying.

I called and tried to explain my situation and Wells Fargo did a really great job of not giving a fuck. They told me the only way to lower the payments was to consolidate. So I tried and got denied. They asked for a co-signer. My mom and I got denied. They asked for ANOTHER cosigner. My mom, my dad, and I got denied. They asked if I could ask some friends. I told them I don't know anyone without debt. My parents and I all have credit scores in the 750+ range and yet we still didn't qualify for any help. Supposedly Wells Fargo wants my money but they sure are being dicks about how they take it. I can make payments of around $300 a month and that apparently isn't good enough.

I won't lie this whole process made me pretty depressed. Whenever I start feeling this way I allow myself one epic evening of pity party fun. I went out and bough a stuffed crust supreme pizza, hot wings, and peanut butter cup ice cream. I drank whiskey and stuffed my face and felt so sorry for myself. I cried. I ate. Cried some more. I got pretty drunk and watched animal videos on youtube. I got every ounce of self pity out so the next morning I could get to work.

The next morning I started looking for a second job. While it may suck I know it's possible to work the job that I currently do and have other employment. My lead does it and in my mind she's a superstar. She works TWO full time jobs and goes to school for her masters. If she can do it, I can do it. I used to be a barista so I dropped off a few applications (I got a call back today for an interview, fingers crossed it works out). If I can't find new employment I can always pick up shifts at my old job. Either way, I'm working more. I called Wells Fargo back to see how much money I would have to make to qualify for consolidation (I was told one of the reasons we were denied was because the debt to income ratio was too high).

I was told that not only was my debt to income ratio too high but that since I had only been at my job for a month that I didn't have a long and stable work history. I told the guy that I had been at my last job since 2006 and I was technically on the payroll and still worked some shifts. He ended up crunching a few numbers and just that small fact lowered my payment by $200 bucks. He told me to have my dad re-submit his information because maybe he forgot to include the contract jobs that he sometimes does and we could finally qualify.

So, here's the thing that I don't understand. The fact that I made more money than originally thought LOWERED my payments. How does that work? Shouldn't it be the fact that I'm broke as fuck and don't have an extra $800 that lowers my payments? If I had more income I should be expected to pay more. It's like when places like Baskin Robbins or KFC give celebrities life time free cards. You know, the same celebrities who make millions and millions and can afford a $5.99 meal. Companies should be giving poor and hungry families life time free cards but that's not how it works. While I've somewhat known it all along the system is really set up to fuck the poor. Fuck them good and hard. All I want to do is pay back my loan and still be able to eat food and have electricity and Wells Fargo is making it close to fucking impossible.

I already told the guy I will call back every day until my loans get consolidated. EVERY DAY. Sold a piece of jewelry on Ebay? Better call because that $5 sale could lower my payment. Get this job as a barista? Gonna call so I can get closer to qualify. I got all of the sadness and the tears out of my system and now all that's left is piss and vinegar. Wells Fargo doesn't know who they are fucking with. As God is my witness my loans WILL BE consolidated and my payment WILL be lowered to a reasonable amount.