(Closed) What percentage of your income goes to Student Loans?

posted 7 years ago in Money
  • poll: What % of your AFTER TAX income goes to paying student loans?
    I never took loans or paid them off already. I am awesomer than you. : (26 votes)
    34 %
    5-9.99% : (16 votes)
    21 %
    10-14.99% : (9 votes)
    12 %
    15-19.99% : (5 votes)
    7 %
    20-24.99% : (4 votes)
    5 %
    25-29.99% : (2 votes)
    3 %
    30-34.99% : (5 votes)
    7 %
    35-39.99% : (4 votes)
    5 %
    40-44.99% : (1 votes)
    1 %
  • Post # 3
    Member
    2237 posts
    Buzzing bee
    • Wedding: September 2011

    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
    Member
    3709 posts
    Sugar bee
    • Wedding: May 2011

    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 # 6
    Member
    3943 posts
    Honey bee

    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 ๐Ÿ™

    Post # 7
    Member
    206 posts
    Helper bee
    • Wedding: September 2011

    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
    Member
    1664 posts
    Bumble bee
    • Wedding: May 2011

    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
    Member
    893 posts
    Busy bee
    • Wedding: September 2011

    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
    Member
    3564 posts
    Sugar bee
    • Wedding: August 2010

    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 ๐Ÿ™‚

    Post # 11
    Member
    4887 posts
    Honey bee
    • Wedding: May 2012

    I didn’t have any loans, but I dont think I’m awesomer than you ๐Ÿ™‚

    Post # 12
    Member
    2237 posts
    Buzzing bee
    • Wedding: September 2011

    @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
    Member
    10367 posts
    Sugar Beekeeper
    • Wedding: September 2010

    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
    Member
    2237 posts
    Buzzing bee
    • Wedding: September 2011

    @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 # 16
    Member
    3526 posts
    Sugar bee
    • Wedding: August 2010

    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.

    @hilsy85:

    AWESOME!

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