Except $500 a month for loan debt is a gross exaggeration, unless you are paying off a lot more than your scedule (in which you will be penalized).
It'd be great to keep out of debt, but there is a reason not everybody is able to. Much, much, easier said than done, guys.
An eighty thousand dollar payback on whichever size loan (let's say 40, we'll double it due to insane interest
) makes a little over 300 dollars a month to make payments on a 20 year schedule, with that interest already calculated in. Sallie Mae and Key both have minimum payments of 40-50 dollars without penalty for those months where it's tough, though you'll have to pay catchup in later months.
Just saying, don't exaggerate so much
. There was a thread on this awhile ago about the whole loan/no loan; He asked which loan, not whether he should get one (although I'm sure he appreciates the advice
).
"Best thing is, in the end I'll end up with alot more money. New car??? House??? Plane??? Trip around the world to exotic destinations with gorgeous foreign chicks??? Wedding???"
lol, you make it sound like working your ass off for 3 years working 3 jobs at poverty levels while wondering if you're ever even start what you wanted to do, will make you so much more richer than if you had taken those loans...
.