Post # 1
I graduated about a year ago, and have around $20k in student loans to pay off, and am on track to pay it off in 8 years. I’ve got no concerns about my debt – I’m making double the minimum payment and still able to live quite comfortably. However, my Fiance is starting dental school in the fall and I am majorly freaking out about the amount of debt we’ll have.
He has about 40k in undergrad loans, and will take out about 250k more in dental school loans. This number makes me nauseous and I’m wondering if any bees or your SO’s went to medical/dental school and had a high loan amount to pay off? How are you managing? I would love to have kids shortly after he graduates but I’m so worried we’ll be living paycheck to paycheck as he tries to pay off his debt.
Post # 2
I have more student loans than most people pay for their house. But, I make a lot, too. Risk and reward. He is going to school to make more money… It will all be ok.
Post # 3
I definitely agree with crazychickenlady
. Also, it’s important to remember that all student loan debt is not created equal. Federal loan debt is WAY more manageable than private loan debt.
Post # 4
Yes, I have student loan debt from medical school, in an amount not dissimilar to your fiance. It’s scary, but also I will eventually be making enough money to pay it off and am therefore trying not to worry too much about it. I figure that almost every medical and dental student is in the same boat… And everyone else makes it through okay, so I will too!
Post # 5
I came out of undergrad and grad school with about $90k in student loan debt. I am still paying it off 13 and 8 yrs later, respectively. I actually just refinanced (again) and will have everything paid off in 3 years. Go to nerdwallet.com and see if/how you can refinance anything. Plus I have a lot of tricks to pay it off faster, you’ll figure stuff out and like others have said Student loand debt isn’t the same as others. Look to refinance your debt to see if you can get yours and some of his undergrads paid off before he graduates. That will help with some of the stress
Post # 6
I had around 100K from undergrad and grad school. My husband has something around 450K from undergrad and med school- so between the two of us we have over a half a mil in student loan debt. Luckily, we both make great money, but we currently pay almost 3 times our mortgage payment in debt repayment. We live very comfortably, and have two children but it would be great to have that money in hand 🙂 So, I guess the message is, debt sucks, but agree with other- make sure you consolidate where you can, and just live smartly and I think you’ll be OK!
Post # 7
I don’t have any but SO had like half a million from medical school and we just always treated it like our debt. It was fucking stressful because I grew up being told to never go into debt. My parents didn’t make much but they saved like crazy and lived below our means. I got a full ride to uni and saved money that way.
My tip is just to approach it slowly and consistently. Dental school will be worth it.
Post # 8
SO and I met in law school, and each have six figures of debt to our names…. 0_o … that’s six figures EACH. I’m paying mine down, but we are planning on relying on public service loan forgiveness for his.
It’s grim, but my student loan stress often goes hand in hand with my climate change stress. I know the evidence is grim, but I want a concrete timeline. Like, are my student loans going to be forgiven by total societal collapse? And if so, why the h*ck am I paying them!?!
Post # 9
I have $160K in student loans from medical school. I’m lucky though because where I live, student loans are interest free. 12% of my paycheck gets taken by the government each fortnight and put towards paying back the loan, so I don’t really notice it’s gone because it’s taken before I get paid. My (older) colleagues say that you won’t notice paying off your loan, but you will definitely notice when it’s paid off and suddenly your income jumps.
Post # 10
Yes, I have student loans from undergrad, grad, and law school. So a lot. It doesn’t bother me. The interest rate is super low so it makes sense to pay the minimum each month until it’s discharged. I make a good living and don’t really worry about it too much.
Post # 11
Go to studentloans.gov and play with the repayment calculators. Get an idea of what the loan payment will be. I think the rate for unsubsidized graduate loans is around 6.8% right now. Grad Plus loans are usually a couple of points higher and have a 4% origination fee. I attended a private university and had to take out Grad Plus loans to cover the cost of tuition as the traditional graduate loan offer wasn’t high enough. If you do have to take out Grad Plus, they check your credit. If you’ve had bankruptcies, collections, etc… then they will require a cosigner for the loans.
Given the current state of our hot mess government, I wouldn’t bank on student loan forgiveness programs in order to get rid of your debt. Plan to pay back whatever you borrow. Just my two cents.
I ended up with just under $300k in debt. During school, my husband supported both of us and covered our cost of living. Even though we have two incomes now, we are still living soley off of his and putting mine towards loans. The goal is to have them paid off in less than 7 years. To be fair, my husband’s earning power significantly trumps mine even with my degree so it isn’t a scenario that will work for everyone.
Post # 12
I started out with around $280K from law school. It actually bothers me way less than I thought, because I’ve been paying them since I started work so it’s as if I never had a full income. It sucks to throw money down the interest drain, but I refinanced and it is what it is. I will say that a small part of the reason my debt is so high is because I didn’t skimp and save a lot while I was in school. Law school, and presumably dental school, are stressful enough, and I knew I was 99% likely to be in a position where I could pay it back, so saving a few thousand here and there was not worth the anxiety at the time. (Disclaimer for anyone reading this: do not go to law school unless you’re dying to be a lawyer and/or are going for free. I am lucky to have a high paying job but many of my friends don’t have jobs at all. Anyone who tells you that law school is a free ticket to being rich is lying or from an older generation).
Post # 13
I have student loans and I do not like them, but they helped me get my great job and also didn’t prevent me from buying a home so I’m grateful for that and try to maintain perspective. I have a good friend whose student loans are equal to the purchase price of my home in the Bay Area and just the thought of it stresses me out- but her student loans helped her get her great job and don’t prevent her from living in a beautiful home and taking her son on wonderful trips (though it requires some budgeting to make it work).
I try to keep it in perspective that, while debt sucks and I want my loans paid off asap, if they aren’t keeping me (or someone else) from accomplishing goals and other dreams, then they’re just part of our standard monthly payments and they will be gone quickly enough and they’ve served their purpose, which is to allow us to pursue higher education that we would not be able to do otherwise.
Post # 14
I just came here to express my pain and suffering. I just accepted 20K in loans for my first year of physical therapy school. This strictly covers my tuition. I’ve been fortunate to have 2 degrees thus far with no debt. So I’m low key trying not to have a panic attack right now 😱😱😱
Post # 15
Yeah I consider student loans just a fact of life. My husband owes about 20k (he’s paid his off rather quickly) and I borrowed quite a bit from my parents.
Most people I know have student loans (except for a few people whose families were financially fortunate enough to pay upfront for them).