Do you have student loans?

posted 3 years ago in Money
  • poll: How much do you owe?
    Over 200K : (9 votes)
    3 %
    150K-200K : (9 votes)
    3 %
    100K-150K : (17 votes)
    6 %
    50K-100K : (43 votes)
    15 %
    25K-50K : (50 votes)
    17 %
    Under 25K : (88 votes)
    30 %
    None : (78 votes)
    27 %
  • Post # 3
    Member
    1381 posts
    Bumble bee
    • Wedding: July 2011

    I have between 40-50k. I have a Bachelor’s Degree from a private university (met DH, so the experience was priceless) which is most of the debt.

    I recently went back to school for an Associate Degree for Paralegal Studies. I was unhappy with my current job at the time and decided to go back to school and I was able to work full time this way (online classes). I regret it because I’m in a job I love currently and not planning to work as a Paralegal for a while. Oh well. Live and learn.

    I’m focusing on paying off credit card debt currently while my loans are in deferrment. After that, I plan to funnel most of my paycheck toward student loans. I HOPE to have them paid off in 5-7 years.

    You could always live on a very STRICT budget, there are tons of personal finance blogs with hints and tips and budget plans. Second job or part-time job is also an option. I’m not ready to get another job, yet, so I’m going to try to hard-core budget in 2014. Fingers crossed

    Post # 5
    Member
    2062 posts
    Buzzing bee
    • Wedding: August 2012

    I have around 70K for my PhD. My husband had around 150K for a professional pilot’s degree. We bought a home for about 150K. I don’t want to compare debt with any other 25 year olds because we always win in the worst way. However, we are paying on all of it and will, in 30  years, be debt free. It’s a lifelong endeavor.

    Post # 6
    Member
    238 posts
    Helper bee
    • Wedding: October 2015

    We’ll if it makes you feel any better…. I graduated from medical school a couple months ago…with a tuition cost of 50k+ a year that leaves me with a debt of a little over $300,000. Yup, I have a high-interest rate mortgage with no house!

    I don’t know if they have this for your loans, but I have an income-based repayment plan which does makes payments pretty affordable. It’s always 10% of your income.

    One day I’ll pay this off…one day….!

    Post # 8
    Member
    275 posts
    Helper bee
    • Wedding: September 2014

    FI and I met at university. I have about 35k, FI has about 70k (My family helped me with tuition, but FI’s family didn’t have much wiggle room so he had to finance all of his tuition with loans).

    Thankfully, we both entered majors with great job prospects and both already had well-paying jobs lined up 6 months before we graduated.

    I honestly don’t know anything about how it affects taxes, but we manage by setting a strict budget and having a spreadsheet that details how all of our money is flowing. This helps us see where our money is going to and gives us ideas on what we can cut back on (did we really need to get chipotle on wednesday? did i really need to spend $20 at goodwill saturday? do I really need more jeans or can I survive with the pairs I already have? etc), and at the end of the month, all of the leftover money after our necessary expenses (plus savings) goes towards loans.

    Also, we make paying down our loans a priority over almost everything else, and we are making it a goal to pay them off as quickly as possible. After we committed to making it a priority, it was a lot easier to cut back on other things. Its a mindset thing which really made us focus on ways to pay it quickly.

    Post # 9
    Member
    837 posts
    Busy bee
    • Wedding: June 2015 - Malibou Lake Mountain Club

    I have over a $110K debt from Grad School from a Private School. Loan Repayment has been ehhhhhhhh

    Post # 10
    Member
    238 posts
    Helper bee
    • Wedding: October 2015

    @MissyDoll:  

     

    No, I hear you, it can definitely get depressing. You’re not weird! Lol. But you just have it remind yourself that its worth it in the end. You have a great education, a career, and you met the love of your life! (I met my fiancé in school too!). if you’re doing what you love, with the person you love, the money it cost you to get where you are was totally worth it 🙂

     

    Post # 11
    Member
    3077 posts
    Sugar bee
    • Wedding: February 2015

    I have around 18k, SO has none. I have a matching amount in savings and bc my loans are only at between 3.2 & 4.5% paying them down isn’t a priority. I’m actually planning on using it towards my masters so I don’t have to take out higher interest loans. I doubt it will cover it all though but tbh I haven’t looked at prices yet.

    We’re hoping SO’s dad will pay for her master’s. He’s offered but it’s not guaranteed, esp since we don’t know when either of us will be going. Once my loans start accruing interest, SO & I will decide if we’re going to make paying them down a priority. I think we’ll probably do a secured loan on the money I have and bring the interest rate down to 2% then make monthly payments until we’ve saved enough that we feel comfortable paying it off in one lump sum.

    Post # 12
    Member
    693 posts
    Busy bee
    • Wedding: October 2011

    We’ve got about 150k between the two of us.  We qualify for public service loan forgiveness programs, and are using the income based repayment plans, so we will probably not actually pay that much.  In this case, we’re not prepaying any of our loans, and are just riding them out.

    Post # 13
    Member
    304 posts
    Helper bee
    • Wedding: September 2010

    With undergrad and grad school I have 110k (more than half of that is graduate debt). I totally regret my particular graduate school choice, but I don’t regret going to graduate school.

    Since I wont graduate til May, I’m not paying much on them but DH and I plan to put all of my pay into my student loans, which would get them paid off in about 4 years. Thankfully I don’t have any private loans, they are all federal.

    They recently started a new repayment program for federal loans called Pay as you Earn… I’m still looking into it, but it sounds promising and could probably offer some relief.

    Post # 14
    Member
    1275 posts
    Bumble bee
    • Wedding: September 2014

    0 debt – student loan or otherwise – between both FI and I!  I wish I could describe to you how refreshing it is that every dollar we earn is truly ours.  It’s soooo worth it to be out of debt, and you can do it!

    But we are obsessed with Dave Ramsey and I reallllllllllllly recommend checking out his program if you are overwhelmed by debt.  He is fantastic.  His go-to is what he calls “snowballing” which means pay off your smallest debts first, as aggressively as you can.  So, for example:

    Debt 1: 4k
    Debt 2: 8k
    Debt 3: 10k

    You make the minimum payments (let’s say $250) on Debts #2 & #3 each month, and pay as much as you literally can on Debt #1 (let’s say $1000).  You’ll pay it off quicker than you can imagine.  THEN you use that amount you were paying on Debt #1, and add it to your minimum monthly payment on Debet #2, so you’re paying the minimum plus as much as you can ($1250) and boom, that gets taken care of quickly too.  And so on, and so forth, until you only have your biggest debt left, and you are paying lump sums each month because you don’t have a million other debts to deal with.

    Look into Dave Ramsey for sure, and PM me (this goes for anyone!) if you have questions about the program!

    Post # 15
    Member
    1103 posts
    Bumble bee
    • Wedding: July 2014

    Masters Degree with zero debt! It may have taken me longer (graduated at 29) , but worth it! I worked full time throughout the entire degree.

    Post # 16
    Member
    4043 posts
    Honey bee

    @MissyDoll:  When I graduated I had $10k from undergrad and grad because of very generous scholarships. DH had $25k from just his masters. We graduated 3 1/2 years ago and currently owe about $23k combined. We are aggressively paying $1,000 a month to pay it off faster.

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