How much is your student loan payment?

posted 3 years ago in College
  • poll: How much is your student loan payment per month?
    None : (13 votes)
    11 %
    50-100 : (6 votes)
    5 %
    100-300 : (30 votes)
    25 %
    300-400 : (8 votes)
    7 %
    over 400 : (21 votes)
    18 %
    It is affordable : (11 votes)
    9 %
    It is doable, but challenging... : (13 votes)
    11 %
    It is suffocating : (13 votes)
    11 %
    Sometimes I can't pay my bills : (3 votes)
    3 %
  • Post # 3
    Member
    11668 posts
    Sugar Beekeeper
    • Wedding: November 1999

    1200$/month is mine. Crazy!

    I suggest working your way through. Loans suck and the interest rates are horrendous right now. Mine are 7 and 8 % thru dept of Ed.

    Post # 5
    Member
    6812 posts
    Busy Beekeeper
    • Wedding: June 2014

    My loans are $170,000 right now (after borrowing a total of $135k to go to law school and graduating in 2009).  I pay about $250 right now because I’m on the IBR.  But, if I had to make payments every month to pay it off in 10 years, it would be $1800.  I’m not sure what it would cost if I had done the regular 25-year plan. 

    Post # 6
    Member
    11668 posts
    Sugar Beekeeper
    • Wedding: November 1999

    @meggs66:  yes I make it work but I’d rather be saving that $ instead!!

    Post # 7
    Member
    5445 posts
    Bee Keeper

    @meggs66:  have you considered a masters in education administration? You would have muh greater earning potential as a principal or superintendent than teacher and you’re already in education so it might be a good option!

    Post # 8
    Member
    1013 posts
    Bumble bee
    • Wedding: May 2013

    Ugh. I made some BAD decisions about where to get my education, and my payments on various federal and private loans are a little over $400/mo.

     

    i am almost done with grad school (worked my way through), and got teaching licensure this spring. I still have not found a teaching job in our area 🙁

     

    FI is supporting me right now, but it is not easy. Thankfully he got a pretty nice raise this year, otherwise I don’t think we would have made it/I would have had to stop school for a semester.

     

    I was so depressed after undergrad, which was a year after the economy bombed, and there were NO jobs in my area. I was living at home w/my parents, breaking even every month, with no job prospects and a B.A. in two fields.  Hopefully I will find something as a teacher soon!

    Post # 9
    Member
    1400 posts
    Bumble bee
    • Wedding: June 2014

    I only did 2 years of loans for a state college, so I’m about $16K in debt, and my payments, which are supposed to make it paid off in 10 years, are $192 per month.  I didn’t get a degree in a practical field, so it’s not helping me pay any bills, but it’s manageable because luckily my fiancé can cover the rent while I’m broke as a joke. If it wasn’t for him I would have to apply for forbearance. No regrets though, because college made it easier for me to move to the city I need to be in for my career, also the city where I found my soul mate. 🙂

    Post # 10
    Member
    1840 posts
    Buzzing bee
    • Wedding: April 2015

    $650 a month. Thats almost a mortgage payment.

    Post # 11
    Member
    4043 posts
    Honey bee

    I have $4,500 left in student loans from undergrad (originally owed $12,000). 

    My minimal loan payment amount is $100 per month, but I have been paying between $450 and $600 per month to pay it down quickly.

    I got my BA in Psychology and Spanish. When I graduated, I entered a 2 year nonprofit training/management program (which required a bachelor’s degree). I now work at a charter school doing marketing and recruiting. So I don’t do anything directly related to my degree, but I needed a degree for both of my jobs. So I would say that my education was worth it.

    Before committing to a fast track private school program, I would 1) make sure it is accredited for your intended career and 2) consider state schools as well. Some private schools (if you go to a for profit program) have higher interest rates on student loans and less financial aid.

     

    Post # 12
    Member
    75 posts
    Worker bee

    Mine are $1000/mo. BUT they are the only debt I have and the education they paid for was worth it (I don’t have any trouble paying them…).

    Post # 13
    Member
    4698 posts
    Honey bee
    • Wedding: August 2013

    I ran away to South Korea because I couldn’t find a job that would both feed me and pay my student loan bills. Here, my employer pays my rent and my cost of living is lower, so I an afford to send enough home ever month to cover it. Plus now that my mom is working my dad helps me a little each month when he sends the payment (takes less out of our shared account that we use for my loans and fills in a bit himself.) 

    So things are better… but I don’t think I can ever get out of this debt, because I can never afford more than the minimum payment if that. And when this job dries up, possibly in a few years, no idea what I’m going to do. 

    Post # 14
    Member
    842 posts
    Busy bee
    • Wedding: August 2013

    @meggs66:  so originally, my monthly payment was supposed to be $400. When I only make $1200 a month, I knew that was going to be a huge chunk of my paycheck that I just don’t want to give at this point. I had my payment adjusted based on my income and now it’s only $34 per month! For now until I find a job that pays more, I am perfectly happy making the minimum payment and spending my money elsewhere. 

    Post # 15
    Member
    52 posts
    Worker bee

    Before considering enrollment in the BSN program, find out what a newly graduated BSN makes in your area. You might want to shadow a nurse or nurse practioner before making a decision too. I’ve seen far too many nurses who absolutely haaaate their jobs and the income that it offers, simply because they had blinkers on for the duration of school. Real life is FAR different than the classroom.

     

    If nursing really is a passion, save up some serious money to spend on your education. Beats paying back loans!

    Post # 16
    Member
    2197 posts
    Buzzing bee
    • Wedding: March 2013

    I pay $775/mo. Sometimes more just to pay it down faster. Mine is for Bachelor’s and Master’s. It was definitely worth it. My MS got me into my career. 

    It can be tough to pay at times, but it is doable. I’m on the graduated pymt plan, so it will only go up. :/. 

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