Paying My Parents Back For College Expenses
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | A | DTI: | 10% |
| Lender Rate: | 13% | Borrower: | ditbmitb |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-09-12 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Sep 13, 2008 | Current |
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Purpose of loan: This loan will be used to pay back my parents for some of the college expenses that they helped me out with. Along with a few campus jobs and my parents help, I was able to graduate college financially unscathed; I only have a $7k outstanding school loan balance. Although $10k is not even close to the cost that I brought about to my parents, I feel obligated to pay them back with what little I can give (at the moment, anyway) because, after all, they deserve to spend their hard-earned money on themselves as well! To pay for my expenses, my parents refinanced their house. Currently, the funds are also being used to pay for my brother's college tuition. He will be entering his 2nd year at the California Polytechnic (Cal Poly) State School of San Luis Obispo. Every little bit helps. After this loan is paid off, I may take out another one to continue paying them back. Another alternative, which I have been considering as well, would be to just WAIT until I save enough to pay them back. The reason why I have decided against this is because I feel that money right now is inherently much more valuable because my parents can use it to help pay for my brother's education. After he graduates, then I will most likely pay them back through savings. About Me/My financial situation: I am a recent graduate of the University of California, Berkeley (GO BEARS!!!). I just started a job (July 2008) in the lovely city of Los Angeles and am making a decent salary of $48,000. Considering the fact that my job is in the finance/investment industry, I am very grateful for having a job within our current staggering and volatile economy. I am a responsible borrower. I currently have 2 credit cards with no outstanding balance; I pay them in full every month. I have a school loan of approximately $7k balance that will start accruing payments around December 2008 or January 2009. The payment should be around $100-$150. I am considering paying much more than this monthly payment (as you will see below, I have very few expenses), but my father said it may be a good idea to just keep paying the monthly payment because the interest will be tax deductible. Let me know whether you, the prosper lending community, think this is a good idea. All comments welcome! Oh, I forgot to add the fact that I am also a prosper lender. I have been one for over a year now. I also have about $6k in assets (stocks/bonds, prosper, money market), but I choose not to liquidate these assets and borrow instead. Monthly Salary (pretax): $4,000 Rent: $725 Car Payment: NO CAR PAYMENT, WOOHOO Utilities: $100 Gas: $100 Food: $250 Health (gym membership): $25 School Loan Payment (to be applied December 2008):$150 I can't think of any other expenses. Out of my salary, I am putting a total sum of $1k/month into assets (IRA,stocks/bonds,prosper,moneymarket,etc). After this is taken into account, I still have enough to pay the minimum monthly payment for this loan. Of course, I will most likely pay it off sooner because I don't think this loan's interest will be tax deductible! I wish you all a nice week! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 392056 | Paying My Parents Back For College Expenses | A | $10,000 @ 19% | Sep 02, 2008 | Withdrawn |
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