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. 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!
Post # 3
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…
Post # 4
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.
Post # 5
@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?
Post # 6
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 🙁
Post # 7
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)
Post # 8
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!
Post # 9
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.
Post # 10
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 🙂
Post # 11
I didn’t have any loans, but I dont think I’m awesomer than you 🙂
Post # 12
@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.
Post # 13
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!)
Post # 14
@CorgiTales: And, for the record, it should be ‘<5’, not ‘>5’…you technically don’t have an option for between 0 and 5, haha.
Post # 15
@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 🙂
Post # 16
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.