Becoming Debt Free in 2009

January 30, 2009

Boring Day Doing Taxes

Filed under: Random — ambercouric @ 9:52 am
Tags:

I am going to spend the day working on our taxes.  Hopefully, we will get a little back to put on the car.

Have a great weekend.

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7 Comments »

  1. My husband will be working on ours either tonight or tomorrow; we are also looking to see hoe much we’ll get back.

    Comment by Sheena — January 30, 2009 @ 10:30 am

  2. Do you have a particular tax program/software you’d recommend?

    Comment by Lindsay — January 30, 2009 @ 12:26 pm

  3. If you think doing your own taxes is boring, you would really hate my life. 🙂

    Comment by momthing1 — January 30, 2009 @ 1:51 pm

  4. I’m about done with mine. I am going to owe around $500 or so (depending on what my official ING interest was last year). I’m okay with that. I would rather hang onto the money until the last bit, and then pay. Good luck with yours.

    Comment by Over the Cubicle Wall — January 30, 2009 @ 8:30 pm

  5. Here’s the low down on my loans. My undergrad cost 30K a year as well, living expenses included.

    -I got a loan through Citibank. They have something called Student Loans or something like that. You can apply for a loan online with a co-signer and you have to find some paperwork to fill out all the questions, but it basically tells you almost an hour later whether you got approved for the loan or not. They have a few different loan options. Depending on what you think the guy might be like when he graduates, you can pick the best plan FINANCIALLY or the best plan CASH FLOW wise. I picked the plan that is the fastest plan to pay back with the smallest total interest spent over the life of the loan. I also chose the plan to pay accrued interest on the loan while I was IN SCHOOL for four years. Every month you pay anywhere from 100-400 dollars interest. This is money you’d end up paying once you graduate but you have an option to pay it while you’re in school as well to reduce the total interest taken out.
    They also have something called a graduated income plan or something. This is where the payments start off small and increase in the future as you start to make more money. Of course any plan that gives you smaller payments and longer payoff time costs more if you add up total interest expense over the life of the loan.

    -I also had another source: FAFSA. I got about $5,000 a year loaned from the government. Most people qualify for this. I don’t remember correctly but I think it doesn’t make you pay interest while it’s defferred when you’re in school.

    -I have started payments since November 2007. I graduated in April of 2007. I think I loaned a total of about $70,000. You get a 6 month grace-period after you graduate before the payments kick in. My rate is of course variable. While the economy was still okay in 2007 I was paying about $410 a month for both the Federal loan and the Citibank loan. I paid off the Federal loan completely so now I am just left with Citibank and have a $200 payment a month. You get 120 months (10 years) to pay back your loan. I throw extra money on it every month though, in principal. I pay about $600 extra a month…but this year I’m ramping it up to $1400 a month to get it over with.

    I have $17,000 left on the loan and I think what i paid for my degree was definitely worth it because I don’t know many 23 year olds that get what I make and it takes that kind of degree or job opportunities to get into jobs that pay that much. I get paid more than the average American and the average college grad and if I didn’t put much extra payments on my loan every month and just went snail pace, I still could have gotten rid of it in 5 years.

    I say if the guy picked a great school and he’s a hard working go-getter type (not the ones that sit around until someone makes them do something), he will land an amazing job at a really expensive university (because those rare jobs come to recruit at these kinds of placeS).

    There is a drawback- I know someone who was paying the same amount I did for school but it was for a private school and it REALLY is not even a top 50 school. I told him to disenroll bc THAT school at THAT price would NOT have paid him back in full with a great job and opportunity.

    Comment by Dash to Debt freedom — January 30, 2009 @ 8:31 pm

  6. lets hope for the best 🙂

    Comment by jpkittie — January 31, 2009 @ 9:47 am

  7. oooh taxes…fun stuff!! hope you get a good return!

    mydebtcomeback.blogspot.com

    Comment by w — February 2, 2009 @ 12:49 am


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