Post # 1
My sister and her H are paying $5,000 a month towards their student loans for the next 10 years. That’s not even paying extra, that’s the normal bill. CHOKE, I don’t think I would sleep ever again knowing this is the kind of debt I had. Imagine the interest???
They both went back to school and did not work for 2 years, had expensive city rent, bought a new car, went on trips.
They do have two very high incomes (like six figures each), but it will be a long time before they can consider buying a house too for now.
I just had to tell someone, I couldn’t believe it.
What is the highest normal repayment bill you have heard of per month?
Post # 3
Wow… they must have some SERIOUS loan debt if that’s their minimum mpayment. Like 6 figures type debt. That just doesn’t even make sense to me.
Post # 4
@sienna76: That seems REALLY high.
Post # 5
- Wedding: November 2013 - St. Augustine Beach, FL
@sienna76: Mine are over $2000 if I pay the standard repayment amount. my current blance is over $100,000.
Post # 6
@MsJ2theZ: I *think* like $300k was their original debt (that value came from my mom and sister). They are NOT doctors either.
Post # 7
So they have like $600K in student loans? That isn’t too bad for 2 people. I know my Brother-In-Law just graduated from med school and he will be $400K something in debt. I have no idea about the monthly payments – can they extend it longer than 10 years? $5K a month seems kind of high. I have no idea how student loans work, I’ve never had to take any out.
Post # 8
I think that sounds high, but normal for how much money they make and how much money they owe. I would gladly switch to making two six figure salaries and paying $5,000 a month. Though I’m surely just envious, as I have lots of student loans and chose to have a career in an industry that is sure to never make six figures.
Post # 9
@sienna76: *Faint* I pay about $1000 (more than the minimum payment everytime) and I started out at about 65K in debt. For a Bachelor degree. I don’t know what their degree is but DAMN…I don’t even MAKE $5000 a month after taxes…
Post # 10
@sienna76: WOAH! They never should have had trips and such…
Man, if I could pay that much every month, our debt would be gone in 3 ^_^
Honeslty, our credit card minimum payments are about $30 per month and our line of credit requires roughly $60 per month.
We pay more than that ususally, but the low amounts come in handy when we have unexpected expenses (his car is a TOTAL lemon, lol).
Post # 11
I know someone who is paying well over $1k each month, and that’s just one person for undergrad (it was a pricey school). I imagine if it’s two people, possibly including grad school or if they were in school more than 4 years, then you could easily reach $5k.
Though that does make me glad my loans are no where near that.
Post # 12
That doesn’t sound that crazy. A friend of mine her her husband have 450K in student loans. I am sure their payment is very high, but it’s spread over 30 years. I was paying over $1000 a month on mine.
Post # 13
$5k per month for 10 years is $600k. I hope they got damn good jobs with that education. $5k is more than my take-home, glad I opted for the no-debt lower income career path.
Post # 14
@sienna76: If they are not doctors then I suspect that all of those payments are not just going towards student debt. To me it makes more sense that they’ve consolidated their student loans with other loans (car, mortgage, line of credit) and are paying everything in one payment.
I’ve done the calculations myself, and if we have a $300 000 student debt to pay back in 10 years that is only just north of $3000 per month. So there is certainly something else hidden in these payments.
Post # 15
BIL’s first career was a financial advisor, so I’m sure he’s already got a game to get them out of this.
You are right, I don’t know if the loans are 100% student loans, but she does refer to them as their student loans. They rent, so no mortgage.
It sounds like they can still care for their kids (and hire a nanny) so they will be just fine hopefully!
Post # 16
Wow, and I thought mine was high at $150.