(Closed) Anyone else feel suffocated by student loans?

posted 9 years ago in College
Post # 3
7431 posts
Busy Beekeeper
  • Wedding: October 2009

Wowza, I can’t even imagine that much. Right now I have about $20, will have $25k when I finish in the spring.  I’m not even thinking about my masters unless I can find a job where they’ll pay for it.  I was able to find a great school that was much much cheaper than any other (mostly cuz it was a 2 year commuter school when I started, since has changed to a 4 year and building dorms).  My payment will be about $300 a month starting in Dec of next year, nothing we can’t handle.  Hopefully you can get into the repayment program soon!

Post # 4
1019 posts
Bumble bee
  • Wedding: January 2010

Yes. Yes! It is astounding, isn’t it? I make okay money, but most of what comes in goes right. Back. Out. I, too am trying to do this icome based thing, but as you said it takes time. Meanwhile, I am having to make some decisions about which bills to pay. Do I eat? Or do I keep the temp in my apartment under a hundred degrees? *Sigh*

It sucks.

Post # 5
815 posts
Busy bee

Thanks for posting.  You know, I was thinking about this the other day.  I wondered just how many brides-(and grooms)-to-be are effected by student loans.  I have a six figure debt hanging over my head and that’s just undergraduate.  It was hard to come to terms with it but I’ve been working really hard to pay it down.  Just stinks to never have much money left over.  To say it makes weddding planning difficult is an understatement.  It’s hard to justify spending $15k on a wedding when I know how much that could help w my loans (not that I have that on hand, but you know).  Working on IBR right now for one of my loans, but the other two are private–bane of my existence.  Luckily the mister is supportive (emotionally) which helps, because sometimes you just need to cry about it. 

Post # 6
4466 posts
Honey bee
  • Wedding: June 2010

Agreed on all counts.

I’m about $60,000 in debt from undergrad even after scholarships, financial aid, etc.  I’m in deferrment right now because I’m getting my master’s.  I feel a small sense of achievement that I’m paying for my master’s out of pocket (going to a CUNY school) but I dread the $600+ a month payments that will resume in 2011.

I’ve looked at all kinds of consolidation, refinancing, etc. options and nothing will help.  Unfortunately, I was my parents’ first kid to go to college and we had no idea what we were doing.  I signed into one of those unfair, unclear, high interest loans that you see the articles about on CNN.  Unfortunately I really have no options at this point except to keep paying my masters’ tuition and be prepared to resume payments in 2011. 

 [Fingers crossed to win the lottery before grad school is over!]

Post # 7
558 posts
Busy bee
  • Wedding: August 2009

I’m not even finished with school yet, and I already have about $20k racked up. I’ll have anywhere from $35k-$40k when I’m finished. Just thinking about having to make those payments in a year or two is really scary! Especially when we want to do things like buy a house and (hopefully) start having kids in the next 5 years or so.

Post # 8
1205 posts
Bumble bee
  • Wedding: May 2009

Yes. My student loans are constantly on my mind. I hate the amount of interest that I’m paying and I’m currently looking into ways to reduce that. I pay as much as I can, but I keep thinking how much simpler things would be if I had an extra $500 each month.

Post # 10
2271 posts
Buzzing bee
  • Wedding: August 2009

Honey, I am STILL paying on my student loans and I finished grad school 13 years ago! The student loan people are vicous, theyn are worse than debt collectors and at one point, when I was working part time and could not make full payments, they refused to take reduced payments and attached my wages instead. And unlike other forms of debt – even bankruptcy can’t get you out of them. You have my sympathy!

Post # 11
596 posts
Busy bee
  • Wedding: October 2009 - Ceremony: The Kraine Theatre, Reception: Midtown Loft & Terrace

Yes. Yes.

Mr. Star and I BOTH have student loans, unfortunately, and it’s hit-or-miss whether I’ll ever be making the big bucks. Someday he will be, but it takes a long time to work your way up. I don’t owe a ton, but he has a seriously huge debt load. It’s pretty damn frusterating. 

Post # 12
601 posts
Busy bee
  • Wedding: September 2010 - Heinz Chapel Ceremony, Museum Reception

I’m about to start a master’s program, and when it’s done, I’ll have about $35k in loans. I’m not in a particularly lucrative field, so the loans are really going to be weighing on me for a while. Money is going to be TIGHT in our household for the next year while I’m at school and my FH is the only one pulling an income. Makes wedding planning just a little more stressful!!!

Post # 13
984 posts
Busy bee
  • Wedding: April 2010

Fiance has been paying his loans for a few years already but he says it’s going to continue until he dies. I haven’t started the dreaded repayment process yet but I graduate in December and I will have probably around $30-35k, to repay which makes me cry a little. It’s really hard to know that we’ll be paying for our wedding when we both have so much student loan debt over our heads, it really makes me want to run to Vegas at times. I consider myself lucky to have a lot of options after graduation with a history and education degree so I’m going to try to get a job other than teaching at least for a little while. Don’t get me wrong, I love teaching but I want to make sure that I don’t love another career. The whole graduation coming up is making the student loan thing a reality and very stressful!!!

Post # 14
256 posts
Helper bee
  • Wedding: March 2010

   I just started paying back in June. It is overwhelming to look at but we are really focusing on paying down debt right now to prepare for buying a house in a few years. It is not easy. I don’t have quite that much, I believe you can put them off for a time if you can prove financial hardship. I like to write down & track what I owe, how much I paid, and then the remaining balance each month so there is a visual of it actually decreasing  vs. every month seeing a huge number!

Post # 15
618 posts
Busy bee
  • Wedding: July 2009

Oh yeah!  It’s so overwhelming!  I’m way up there with you August15.  Undergrad, law school, study abroad (twice!).  It was all worth it, but I’m going to be paying it back forever.  Yep, my monthly payments are as much as a mortgage too!  My husband has absolutely zero debt (not even a cent of credit card debt), so he’s baffled at my situation.  Sometimes I feel guilty about it, but I really consider it an investment in myself.  There was no way I could have gotten where I am without the loans and I’m finally happy with my career.  I’m just going to slowly chip away at the amount for the next 50 years! 

Post # 16
150 posts
Blushing bee
  • Wedding: June 2010

Yes! I’m glad to know I’m not alone in this boat–though I wish none of us had loans. I have a little under 30K to pay off… it seems like such a long way away. I think if I’d known what I was getting into, I might have reconsidered my rather indulgent MA degree.

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