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For just me, it's a little less than 1% (just my loans, just my income). Fi doesn't have any loans (get got A TON of financial aid) and makes more then I do, so it's actually a lot less than that. I don't know exactly how much he makes after taxes though, so I can't come up with an exact figure.
Oh, and your poll only has 2 options...
I was blessed with an academic scholarship that covered my complete college education: tuition, books, lodging, meals...everything. No student loans for me thankfully. However, I DID graduate with a child so I kind of see it as a trade-off financially...LOL.
@MandaMack: fixed! it deleted most of my options for some reason. Thats awesome that you have so little! Do you plan to pay them off soon?
My SO doesnt have school loans so based on just my after tax income its about 10% of my pay. Ive been paying them for about 6 years and feel like I havent even made a dent in the balance yet :(
Right now my student loans take up about 30% of my income, stupid law school debt. (not counting FI's b/c he's in deferment for the time being)
FH and I are both lawyers. I hardly have any debt from undergrad though. My loans have actually been in financial hardship deferment for a few months because I was unemployed. We're also both on the 30 year plan. I always laugh to myself when people say "you should be debt free before you get married." Might be true for most people, but I'd like to be married before I'm 50 or 60!
I took out a ton of loans for school with the idea that "Oh I'll have such a high paying job when I get out of school that I'll be able to pay these off, no problem."
I didn't consider the idea that the large amount of debt I have in student loans weighs me emotionally down a lot. Oh, and I didn't wind up with as high of a paying job as I thought. Thanks economy!
I'm at about 20-23% of my takehome pay going to loans every month.
DH had a small amount in loans from college, but paid them off quickly. I graduated from grad school in May 2009 with out $70k in loans...however, I was extremely fortunate in that DH, who gets large bonuses every year, helped me pay off a large portion of the loans at the end of 2009. I then made monthly payments for the remainder of the loans until 2010, when he paid off the rest of them with his 2010 bonus. I felt guilty about it at the time, and I still feel bad that he had to spend so much of "his" money paying for MY student debt. But he views everything as our money and said he didn't want that debt hanging over our heads when we had the ability to pay it off. Sooo we're debt free now :)
I didn't have any loans, but I dont think I'm awesomer than you :)
@CorgiTales: To be quite honest, not really, haha. The interest is super low (I only have subsidized stafford loans) and it's tax deductible. Instead of trying to pay them off faster we're putting the extra money towards savings/retirement. I do technically pay more than the minimum, but I'm not in a hurry to get them paid off since I can actually earn more interest in a high yield savings account than I'm paying on the loans.
1.6%. Just reminded me to pay off one of them :-). been meaning to take care of that... (thank you super low interest subsidized loans!)
@CorgiTales: And, for the record, it should be '<5', not '>5'...you technically don't have an option for between 0 and 5, haha.
@Bostongrl25: I feel ya! I've been paying almost 3 years and I've mostly just been paying interest. It is so frustrating how slow it is at first.
@EleanorRigby: lol agree. We're both on 20 year plans. I was the same as you I think I only had like 9k from undergrad. Luckily I went to a (relatively) cheap state law school. I am still in ridiculous debt but it could be worse I know.
@R.Elliott: Yea I was dumb. For some reason I really believed that student loans were always around 300/mo and the difference was how long you paid. lol. NOT the case apparently.
@hilsy85 that is AMAZING!!! So exciting :)
Less than 5% for both of us.
I was able to get a lot of studend aid due to a single working mom.
My husband worked full time through college and it got a bit much towards the end between us moving in together and me only a part time job. So he took out a small Stafford Loan as well.
AWESOME!
Less than 1% actually. DH had to take out a small student loan during college for expenses above his scholarship and it's really silly that we're still paying it, but we need cash like woah right now so it's just this piddly little amount we pay every month towards the principal. Once we finish remodeling our home we'll just pay it off.
@KristenGotMarried: yea but i do! :)
@MandaMack: thank you! Although I just tried to fix it and the poll got all screwed up and it wont let me fix it now :(
When I first got out of college it was 50%. Looking back I don't know how I managed for the first few payments. I quickly had my loans lowered by deferrment. It resulted in a larger overall payment but it was necessary. Thankfully now I have a much better paying job and my loans are only about 5%.
Whats crazy to me is that I had to leave a job in the field I went to school for and one that needed a degree for a job that didn't require a degree in a basic field (I'm a secretary) in order to pay for said degree :/
I didn't have huge undergrad loans, because I was on an athletic scholarship, so for that part I'm paid off .. BUT.. I also graduated with my Master's - and..... although I technically don't owe any "money", I do owe my company a few years of my life for helping pay for it :-S
My percentage is about 1%, so I wasn't able to vote. When applying to colleges, I made myself pick one that I knew I wouldn't end up in loads of debt, which ruled out my dream college, but it still worked out. I took out very little (well, compared to others that is) in student loans and paid the rest of school/living expenses by working almost full-time and the various scholarships that I was awarded.
We pay about 30% of our income in loans right now. Of course, that is my car loan, DH's car loan, and DH's student loans. We are also overpaying on everything in an effort to get them paid off early for everything. That is, within 5 years on his 10 year student loans, within 2 years on my 5 year car loan, and 3 years on his 7 year car loan. If we paid the minimum on all of our loans we would pay around 12%.
Mine is just under 4% of my take home pay with super duper low interest. It worked out really well. :)
I paid off all my undergrad debt (only had about $7,000) before I went to law school. I graduated with about $50,000 in debt. Fortunately for me (don't hate me!), I graduated when interest rates were extremely low and was able to consolidate at 2.75%...so my payments are just over $200 per month.
17% of my income. Prior to getting the job that I am in now, it was 25% of my income. My parents was not able to afford to pay for me and my brothers and sister's college education. So loans was something we had to do. If I could go back in time, I will still go to the same college. I think without my university, I would not be where I'm at right now. They really helped me out with internships. I do wish I should have started paying off my loans while I was in school and not when I was out.
When I left school, I had about 60K in student loans.
@Neva: too late. i do hate you. :) i have 3 loans, 4.9, 6.9, and 7.9 (ouch)%s..
i was on merit scholarship at a very expensive liberal arts college. my dad paid for most of what wasnt covered and then made me take out like $7k in loans - i believe to build character. it was nice that he paid that off as a birthday gift for me couple years after graudating.
We are very lucky that neither of us have student loans. My dad took out loans for my schooling that he has almost paid off and DHs parents paid out of pocket for his.
9% of our after tax income goes towards our student debt.
35% is currently going to wedding savings and guess where that's going post-wedding!!!! Prior to wedding savings it went to house savings, time for the student debt to take priority and get GONE.
DH and I were lucky. Both of us were able to get undergraduate engineering degrees without having student loans. We both had scholarships that paid for a large percentage of our education and our parents covered what the scholarships didn't.
My student loans add up to about 30% of my salary. My federal government student loan used to have 10% interest, and then that got kiboshed, since that was essentially loan sharking when Prime was at like 1%. I was paying them aggressively then, and just continued to do so.
But yeah, I've been paying them for five years, and will be very excited in 10 months to have that $880 per month back in my pocket.
I've since paid my student loans (to cover what the Army didn't pay), but at the time, the monthly payment was about 6% of my monthly income.
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The thread on starting salaries got me thinking about student loans. I know I've seen threads about how much you have in student loans, but I don't think I've seen one that breaks it down to percentages... which is really important!
Whenever the topic of salary comes up, I feel like people with higher-paying jobs (like myself) always have to remind people that they usually also come with ridiculous student loans.
Between my husband's and my loans, about 20% of our after-tax salary goes directly to paying student loans. If you look at my income/loans alone.
What about you?
ETA: I just tried to fix my poll and it got all messed up. It deleted my <5% option and made a second 50%+ option and I can't fix it. I tried a few times and it just keeps staying the same. I'm sorry!