Best way to pay off my student loan debt

I personally had options to go ROTC Air Force during college, but i chose to take student loans and follow my own career, instead of "having to work, live, and die" for the U.S. Air Force. Either way would have turned out the same, but to give up one's control into the hands of another, is the underlaying factor found in many life lessons.

Examples, 401k hedge funds were your money is in the hands of someone else whom passes on the risks to your funds and takes his fees/pay; versus making your own Freedom Retirement Fund.

The more you self-improve and become self-sufficient, the less you must depend upon others to control you and tell you to "pay up now" or "die for the orders, soldier".

The most important thing in your life is you. Don't give away your life to someone else, unless they love you back. Don't follow foolish orders without questioning their intentions.

Quote from truthbuzz : Hello, I have almost $8,800 dollars of student loan debt, mostly from the Stafford loan. I got this loan for about 1.5 years of college. I have since dropped out of college and joining the U.S. Army. My question is, should I pay this loan back with my basic pay from the army or try to get a loan repayment program in my army contract. I read that for the army to help pay for your loans, you need to serve a minimum of 6 years. Well, the MOS I want is a minimum of 5 years so is it worth it to do an extra year and maybe get a loan repayment from the U.S. Army? Or, would it save a lot of headache to just pay it off with my basic pay? I'm off to BCT + AIT in March or April. I read that new soldiers get >$19,000 per year for basic pay. That's enough for me to cover the $8,800 student loans I have. Thank you slick dealers who answer this thread.

It's really up to you - do you want to stay an extra year? You will obviously have the money to pay off the loan relatively easily because you won't have any expenses.

Thanks people.

I'm going to just pay it off with my basic pay. Easiest solution haha.

Quote from truthbuzz : Thanks people. I'm going to just pay it off with my basic pay. Easiest solution haha.

I'm with you. Who knows what could be going on the 6th year. If you stay in you will be out some cash but if you want to get out you can. Plus, if you do decide you want to get out the question becomes financially speaking can you make more out of the Army in your 6th year than in it? For example, say they pay you $25k your 6th year but you decide to get out and you can make $60k. From a financial point of view getting out would be the better choice. At the same time a friend of mine was given a sizeable bonus to re-up so who knows if you stay your 6th (and longer) it could actually be worth more than $8,800.

It all boils down to what you want to do and what you feel comfortable with. This is more than a financial choice, it's a life choice so you really need to make the call.

Now, if you've got $10k and are trying to figure if you should pay off a college loan, a mortgage, or some CCard debt we're you're people Be safe man!

Quote from truthbuzz : Thanks people. I'm going to just pay it off with my basic pay. Easiest solution haha.

You don't need to pay it off in 1 year. In fact with low interest rates you shouldn't. You are going to have living expenses, and 19k isn't a lot to start out with. Now your plan is to pay 8.8k out of that, leaving you with a salary of 10k for a year. You should be able to consolidate your loan and reduce the interest and maybe extend the payback period, that would make your payments low so you can afford them. Don't be like most soldiers I know and go buy a new expensive car, live within your means and you will be able to easily pay off your loan.

edit: in that 6th year you might decide to stay and maybe get a bonus out of it, then you can think about paying it off in one lump sum... Or if you re-enlist for that 6th year do you have the option then of signing up for loan repayment?