Post # 1
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.
What about you?
Post # 3
Wow, that is quite a lot. My parents did well paying for my undergrad, I ended with about $17,000 in loans. I was lucky enough to a) have a super low interest rate (graduated in 2005) and b) get a good paying job. So, it works to be about 2% of my current income. Also, I paid my way through grad school, so I didn’t add to the balance. FI has no loans.
Post # 4
I voted 50% or more (actually 60% of our combined salary!) but that’s a conscious decision to pay them off as quickly as possible. At this rate we should have paid it off within 6 months. I didn’t have any loans but FI does and we’re really trying to take care of them quickly!
Post # 5
I pay about a third of my salary to student loans.
I would have so much fun spending money if it weren’t for those damn loans….
But I must say – I went to a very small private college, loved every minute, and met some of my dearest friends there. The number of wonderful, beautiful things that were set into motion because I chose that school cannot be overlooked! My brother never would have met his wife, I wouldn’t have my beautiful niece, my best friend wouldn’t have met her husband, I wouldn’t have met FI, etc.
Post # 6
my husband and i will start paying loans next year for him and the year after for me, so i am interested in the outcome of this poll…..(and i love saying “my husband” tee hee)
Post # 7
20% of my salary goes toward my student loans. It sucks. I should have my loans paid off in about 7 years.
Post # 8
About 9% of my take-home pay goes to student loans.
Post # 9
I think I will offer the government my first born son to get out of my student loans
Post # 10
hmm I never thought of it that way!
About 18% of FI’s salary alone pays on his student loans or 10% of our combined salary pays his loans.
I don’t have any loans, but FI had over 70k and currently has about 50k (I saw it in his credit score profile).
Currently we’re only paying the minimum because his work is covering the student loans fully right now. We paid off about 20k a couple of years ago. But now if we paid off more of the balance, his work would pay less to us for repayment (they repay based on how much we owe). Once his work decides not to pay any more we’ll hopefully pay them off ASAP.
Post # 11
Hit the wrong button. I pay 75% of my freaking income. It SUCKS! But FI doesn’t have any student loans so he have his income to help us get by.
Post # 12
Right now 0. I have a little less than 50k. I was working and paying on them well, like way more than was due a month and paid down a good bit. I decided to go back to school (I’m not taking out loans) and live off savings and put them in defferment.
So I will be in shock when I have to pay them back in June I’m sure.
Post # 13
Nothing right now. I pay in chunks when I get money and then don’t pay for months at a time (mine is set up so that doesn’t cause issues). Not sure if that’s the best way to go about things but whatever. Works for me.
Post # 14
Mine is about 20%. Luckily, my husband paid his off before he got laid off last year. Now, we have several more years of this before mine are gone.
Post # 15
Mine is about 25% right now, and I’m on a 30-year plan. Eek. Damn you grad school! I am hoping to get the federal loan forgiveness thing in about eight years though, so I pay the minimum amount.
Post # 16
about 15% right now.. I’d like it to be more at some point after the wedding is over. Right now I have so much coming off my cheque/month for student loans, and so much coming off for the wedding. I will be glad when it’s only student loans.