How much is your monthly student loan payment?

posted 2 years ago in College
  • poll: How much do you pay toward loans each month?
    0-250 : (43 votes)
    36 %
    2500-500 : (27 votes)
    23 %
    500-1000 : (32 votes)
    27 %
    1000+ : (16 votes)
    14 %
  • Post # 2
    Member
    1907 posts
    Buzzing bee
    • Wedding: TBD

    I don’t have loans out because I write a check every semester. But that equates to about $1200/Month. It’s been crazy keeping up with it but I only have 1 more tuition check to write! Eeeeek! 

    Post # 3
    Member
    904 posts
    Busy bee
    • Wedding: January 1975

    beetee123:  A little over $400 on an Income Based Repayment Plan (based on my annual income). That’s something you may want to look into and speak with your Student Loan company about. It works with my finances, I’m lucky to have that option. It very may be available and work for you.

    Post # 4
    Member
    128 posts
    Blushing bee
    • Wedding: April 2015

    I will have to start paying back loans in December (just a week before Christmas to be exact 🙁 ) 

    My minimum payment will be 331/month. 

    My debt is a little under 31k. I have been putting back 100$ each week so I have an emergency stash just in case. My FI and I will continue doing that after my loans start and put it straight towards the loan debt. Any extra I put back will go towards loans a well. 

    We only have about $40 extra a week to spend on anything ‘extra’. Which is fine for us, we don’t go out a lot, and when we do its usually something free. We live comfortably on just what I make. 

    He will start working part time in January (he graduates in May) and all that will go straight to his loans. He has 55k of SL debt. I’ll keep covering everything else until he graduates  and has a full time job.  

    I will saY start applying for jobs soon! Its never too early. My FI has a job interview next week for a job he wouldn’t be starting until June next year. Yay! 

    Post # 5
    Member
    4043 posts
    Honey bee

    beetee123:  OP, have you applied for income adjusted payments? That might help ease your stress and manage your finances.

    I am 4 years out from my undergrad and I currently owe a total of $2,100 left (started at $11,500). I pay $125 now, but paid more in the beginning (like $500) to pay it down faster. I was fortunate to attend a private school $50k per year) on a generous scholarship. So that kept my total debt very low.

    DH owes $23,000 (started at $28k two years ago) for his masters degree and we over pay to pay it off sooner. The minimum is $150, but we pay $600 on it. 

    Post # 6
    Member
    152 posts
    Blushing bee

    I’ve been fortunate with merit scholarships and a bit of parental help, so my grad school will likely only end up costing around $100,000.  I don’t have any undergrad debt.  I’d like to get that $100,000 paid off within 6 years after graduation, since rates are so high… So I’m looking at over $2,000 a month.  Doable, but I won’t be living lavishly!

    Student loan rates these days are depressing…  I will DEFINITELY be paying more than the minimum!  I don’t want these loans hanging over my head for anywhere close to 30 years.  Just thinking about the interest makes me sick.  I don’t even know what the minimum payment would be, but it’s not what I’m aiming for.

    Post # 7
    Member
    4043 posts
    Honey bee

    glitz91:  what are the current rates? I finished four years ago and all my loans are at 5.8%-6.8%.

    Post # 8
    Member
    152 posts
    Blushing bee

    bmo88:  Rates are currently 6.21% for Federal Direct Unsubsidized and 7.21% for Direct PLUS loans.  Luckily, I didn’t have to take out any PLUS loans, though people who are financing their entire education through loans have to.

    It looks like they’re pretty similar to what you’re paying.

    Post # 9
    Member
    4043 posts
    Honey bee

    glitz91:  Did they ever really go down much? I know people were freaking out for a while about rates increasing, but I graduated in 2010 and there weren’t any other options for rates. I got all subsized loans from the Dept of Ed and Sallie Mae, and 5.8% was the best I could get, then a few were higher.

    Post # 10
    Member
    152 posts
    Blushing bee

    If I try to pay off my loans in 4 years, I’ll actually be above the upper limit of the poll (approximately $2800 a month).

    Post # 11
    Member
    152 posts
    Blushing bee

    bmo88:  Nah, not really within the past 8 years or so.   They just keep inching up, though…  They jumped from 5.41% last year to 6.21% this year.  I hope there aren’t similar jumps for my next three years in school, but I can’t say I’ll be surprised if there are!

    I just really worry for some of my future colleagues who are taking out upwards of $300,000 in loans at a 6.21% (and potentially higher) interest rates.  It’s a scary time for students in dental/medical school.  That interest adds up fast!

    Post # 12
    Member
    4043 posts
    Honey bee

    glitz91:  Yeah, it’s a bummer that rates keep increasing.

    The student loan situation in this country is no joke…though when I asked my DH a few years ago when he wanted to have kids, his first response was…”Once I finish paying child support to my baby momma, Sallie Mae.” Terrible joke, but oh soo true.

    Post # 13
    Member
    946 posts
    Busy bee
    • Wedding: September 2013

    Mine is $175 a month. I started paying last November, so I have a pretty decent amount going off of it. I also pay more towards it when my finances allow. I only get paid once a month, so sometimes bills take precident over paying more. My highest interest rate is 6.5% and lowest is 3.5%, so I try to pay more off on the higher interest.

    Post # 14
    Member
    437 posts
    Helper bee
    • Wedding: June 2014

    I pay $630/month for two years of schooling to get my Bachelors. So depressing! They started off at $500 and have gone up since 2007. The sad part is, the balance has gone up bc of my high interest (its a private loan). I feel like i will be paying it forever! 🙁 

    Post # 15
    Member
    6502 posts
    Bee Keeper
    • Wedding: September 2011 - Baby boy 12/2015

    I voted for DH. His is about $210 monthly. Luckly, I have no student loans 😉

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