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Thread: Travel challenge?

  1. #11
    Senior Member Ultralight's Avatar
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    Quote Originally Posted by Lainey View Post
    Consider Ireland. We rented a small cottage near Kenmare. It was a more central location that allowed day trips to sites like the Blarney castle, but evenings spent in a countryside setting. Kenmare happened to have their summer fair going on that weekend too, which was really for the locals and not just a tourist thing, so we felt like we really got a taste of their regular life. It's really true that there is no color green on earth than the green in Ireland (at least, with my limited travel, I agree).
    I think going off season in early spring or later fall would make it very doable price-wise.
    I have never felt drawn to Ireland, but you do make it sound appealing!
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  2. #12
    Senior Member Ultralight's Avatar
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    Quote Originally Posted by Float On View Post

    I'm curious how you feel about spending so much on traveling when you have so much in student debt? I know your hoping the work so long/payoff thing works but what if it doesn't? Will you feel guilty for having traveled instead of saving for a big payoff if the plan doesn't pan out?
    Excellent and tough question! I appreciate you having the candor to ask.

    I have a massive amount of student debt ($165k). Yes, that is true. But the way the Public Service Loan Forgiveness program works I pay a set amount each month ($250). I pay this every month for ten years. Then the remainder of the loan is forgiven.

    I am 3 years in.

    If I pay more than $250, then that money goes into a black hole. It does not speed up the PSLF program. I can't finish in less than ten years.

    One of the reasons I am a minimalist is so I can do some cool stuff -- like go to Uruguay. I live simply to enjoy doing other things.

    Does this make sense? If you have more questions, let me know. I am happy to discuss.
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  3. #13
    Senior Member Ultralight's Avatar
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    Quote Originally Posted by Teacher Terry View Post
    Poland is cheap and really beautiful!
    Tell me more...
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  4. #14
    Senior Member catherine's Avatar
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    Quote Originally Posted by Ultralight View Post
    I have never felt drawn to Ireland, but you do make it sound appealing!
    On that note, I have to put in a plug for Scotland. I just saw a 60 minutes piece on this place, Eigg, which looks awesome. I think you'd find a lot of like-minded people there, simple-living-wise, and language may or may not be a barrier, as long as you understand the weird use of vowels, diphthongs and glottal stops those Scots have.

    If you are truly trying to minimize travel costs, and it sounds like you are, I don't see your travel in that much conflict with your debt. I think it's a personal decision. You will inevitably be extending your slavehood, but OTOH, if you can travel cheaply and put valued experiences in the bank, why not?
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  5. #15
    Moderator Float On's Avatar
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    Quote Originally Posted by Ultralight View Post
    Excellent and tough question! I appreciate you having the candor to ask.

    I have a massive amount of student debt ($165k). Yes, that is true. But the way the Public Service Loan Forgiveness program works I pay a set amount each month ($250). I pay this every month for ten years. Then the remainder of the loan is forgiven.

    I am 3 years in.

    If I pay more than $250, then that money goes into a black hole. It does not speed up the PSLF program. I can't finish in less than ten years.

    One of the reasons I am a minimalist is so I can do some cool stuff -- like go to Uruguay. I live simply to enjoy doing other things.

    Does this make sense? If you have more questions, let me know. I am happy to discuss.
    I think to me it's the math thing and the unknown future. What if the program fails in year 9 and you've only paid 27,000 of your 165,000 debt. What is the percentage of your $250 going towards principal and interest? What if you lose your current job, will a new job qualify or does it start over? Your "black hole" could be a savings account or investments in mutual funds. Then at the end of the 10 years and if all the stars aligned and you actually still qualify for the loan forgiveness that "black hole" fund could be a good kick-ass year spent traveling/living overseas. That would be a cool reward.

    I'm not passing judgement or anything. I'd travel if I could (I'm working on some debt payoff myself) but no big trips till I'm done.
    Float On: My "Happy Place" is on my little kayak in the coves of Table Rock Lake.

  6. #16
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    Krakow is a beautiful city with many historical buildings, churches, castles, etc. The people are nice and if something costs a dollar here it costs 4 of their currency so your $ goes a very long ways. It is expensive for them to come here. Warsaw was really bombed during the WW wars so lost their historical buildings and were replaced with communist style cement block buildings. WE have also visited some of the smaller towns too. We have been there twice. It is so green it is glowing.

  7. #17
    Senior Member catherine's Avatar
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    Here's Forbes' list of cheapest places to travel to. I personally like the idea of Bali, South Africa, Crete, Vietnam.

    https://www.forbes.com/sites/laurabe.../#77ce7d5324c5
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  8. #18
    Senior Member Ultralight's Avatar
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    Quote Originally Posted by Float On View Post
    I think to me it's the math thing and the unknown future.
    In many senses, the future is always unknown.

    When you are deep inside the student loan crisis you learn all sorts of little details that regular folks are not privy to. So I will try to explain these details, but in ways that don't bore you to sleep.

    Quote Originally Posted by Float On View Post
    What if the program fails in year 9 and you've only paid 27,000 of your 165,000 debt.
    The PSLF program does not really work this way. Granted, in year 9 it could go poof. That would mean I would go onto the 25 year plan, which means I would pay the $250 (which is based on my income -- income goes up, so does payment; income goes down, so does payment). If it went poof after 9 years, then I would have 16 more years to the 25.

    Quote Originally Posted by Float On View Post
    What is the percentage of your $250 going towards principal and interest?
    Again, this is not how the PSLF program works. Imagine it this way: It is like paying a fine.

    I screwed up and took out way too many loans. The government realizes I am in over my head. They came up with a plan to punish me but not financially burn me at the stake. So they base your fine on your income. And you pay that fine once per month for ten years. Then your punishment is complete and you record is expunged. Make sense?

    Quote Originally Posted by Float On View Post
    What if you lose your current job, will a new job qualify or does it start over?
    Any government job (Federal, State, County, Local, City, etc.) and any job with a 501c3 with qualify me for the PSLF plan. The job has to be full time, 35+ hours. Let's sat I get laid off from my job for a year. I notify the government at my layoff. My payments get reduced to $0, or a get a forbearance of some sort. Then let's say I get another government job. Okay, I pick right back up where I left off with my PSLF program. But that year I was out of the program would not count for anything.

    Quote Originally Posted by Float On View Post
    Your "black hole" could be a savings account or investments in mutual funds. Then at the end of the 10 years and if all the stars aligned and you actually still qualify for the loan forgiveness that "black hole" fund could be a good kick-ass year spent traveling/living overseas. That would be a cool reward.
    The black hole I was referring to was if I gave more money to the government than my monthly payment. Remember, my payment is more like a fine. So the rules of debt you are accustomed to just don't apply. Principal and interest and such don't come into play.

    Quote Originally Posted by Float On View Post
    I'm not passing judgement or anything. I'd travel if I could (I'm working on some debt payoff myself) but no big trips till I'm done.
    If I have more traditional debts -- which I had until about 3 years ago -- I would not indulge in travel. Like when I had my car payment I just paid like crazy and ate rice and beans.
    I came from a real tough neighborhood. I put my hand in some cement and felt another hand." -- Rodney Dangerfield

  9. #19
    Simpleton Alan's Avatar
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    Quote Originally Posted by Ultralight View Post

    I screwed up and took out way too many loans. The government realizes I am in over my head. They came up with a plan to punish me but not financially burn me at the stake. So they base your fine on your income. And you pay that fine once per month for ten years. Then your punishment is complete and you record is expunged. Make sense?
    My mortgage company punished me by forcing me to pay back what I borrowed, with interest. Bastards!
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  10. #20
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    I totally agree with how you are managing the student loans. You are 3/10 done and your traveling makes life worthwhile during this decade of working to get it paid of.

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