*choke* $5,000 a month loans?

posted 3 years ago in College
Post # 3
Member
5697 posts
Bee Keeper
  • Wedding: August 2012

Wow… they must have some SERIOUS loan debt if that’s their minimum mpayment. Like 6 figures type debt. That just doesn’t even make sense to me.

Post # 4
Member
8425 posts
Bumble Beekeeper
  • Wedding: April 2013

@sienna76:  That seems REALLY high.

Post # 5
Member
9137 posts
Buzzing Beekeeper
  • Wedding: November 2013 - St. Augustine Beach, FL

@sienna76:  Mine are over $2000 if I pay the standard repayment amount.  my current blance is over $100,000.

Post # 7
Member
1302 posts
Bumble bee
  • Wedding: June 2013

So they have like $600K in student loans? That isn’t too bad for 2 people. I know my BIL just graduated from med school and he will be $400K something in debt. I have no idea about the monthly payments – can they extend it longer than 10 years? $5K a month seems kind of high. I have no idea how student loans work, I’ve never had to take any out.

Post # 8
Member
681 posts
Busy bee
  • Wedding: September 2015

I think that sounds high, but normal for how much money they make and how much money they owe. I would gladly switch to making two six figure salaries and paying $5,000 a month. Though I’m surely just envious, as I have lots of student loans and chose to have a career in an industry that is sure to never make six figures. 

#firstworldproblems 🙂

 

Post # 9
Member
1018 posts
Bumble bee

@sienna76:  *Faint* I pay about $1000 (more than the minimum payment everytime) and I started out at about 65K in debt. For a Bachelor degree. I don’t know what their degree is but DAMN…I don’t even MAKE $5000 a month after taxes…

Post # 10
Member
1234 posts
Bumble bee
  • Wedding: June 2013

@sienna76:  WOAH! They never should have had trips and such…

Man, if I could pay that much every month, our debt would be gone in 3 ^_^

Honeslty, our credit card minimum payments are about $30 per month and our line of credit requires roughly $60 per month.

We pay more than that ususally, but the low amounts come in handy when we have unexpected expenses (his car is a TOTAL lemon, lol).

Post # 11
Member
1327 posts
Bumble bee
  • Wedding: April 2014

I know someone who is paying well over $1k each month, and that’s just one person for undergrad (it was a pricey school).  I imagine if it’s two people, possibly including grad school or if they were in school more than 4 years, then you could easily reach $5k.

Though that does make me glad my loans are no where near that.

Post # 12
Member
3570 posts
Sugar bee
  • Wedding: September 2011

That doesn’t sound that crazy.  A friend of mine her her husband have 450K in student loans.  I am sure their payment is very high, but it’s spread over 30 years.  I was paying over $1000 a month on mine.

 

Post # 13
Member
3635 posts
Sugar bee
  • Wedding: May 2012

$5k per month for 10 years is $600k.  I hope they got damn good jobs with that education.  $5k is more than my take-home, glad I opted for the no-debt lower income career path. 

Post # 14
Member
525 posts
Busy bee
  • Wedding: October 2014

@sienna76: If they are not doctors then I suspect that all of those payments are not just going towards student debt. To me it makes more sense that they’ve consolidated their student loans with other loans (car, mortgage, line of credit) and are paying everything in one payment. 

I’ve done the calculations myself, and if we have a $300 000 student debt to pay back in 10 years that is only just north of $3000 per month. So there is certainly something else hidden in these payments.

Post # 16
Member
1568 posts
Bumble bee
  • Wedding: October 2014

Wow, and I thought mine was high at $150.

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