The other economic crisis...

..so panic on Wall Street with lenders and such made me think about my student loan debt which is a topic I've managed to largely wall off into some back part of my brain. I go through the usual routines to keep the monster in check, but it's always there lurking because I just can't deal with it. But sometimes it gets out, and when it does, it's frightening.

A quick run through of my payment schedule is pretty depressing. If I could afford it, to pay my loans off in 30 years will run me roughly 1/4 of my salary each year (based on what my salary is currently). Of course, I can't afford that, so I'm paying less which means it'll slowly grow.

All of this had made me contemplate other options for trying to make a dent in it. This is, in part, why I've thought about trying to leap out of academia. But I also took a look at Sallie Mae's deal with UPromise, and I've signed up for it. I'm also considering begging all of my friends and family to join it, in a move that makes me feel just a little dirty. But I'm curious, has anyone else used the service? Any thoughts on it?

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I use it. I first set it up for my kids, but I switched the beneficiary to me and my student loans a year or so ago. I use the credit card which gives much more back than just the stores. I buy from most of those places anyway, so it's just a kick back to me! Highly recommend.

September 27, 2008 at 6:23 PM
Dr. Curmudgeon said...

Good to know.

I'm not thrilled about having to apply for a new credit card, but I have the feeling I wouldn't make much back without it. We'll see. I think I'm going to give it a month or so and see what comes of it.

Do you have anyone else contributing?

September 28, 2008 at 1:34 AM

Yes. My mom contributes through her CVS card and groceries. My mother-in-law has the credit card and I certainly get more from her. Even if you start w/o the credit card, you'll see some savings, esp if you do any online shopping. Just make sure you go through their link to get the savings. Nearly any store I buy from online gets a rebate.

September 28, 2008 at 1:31 PM