(Closed) I hate student loans!!!!!! How about you?

posted 6 years ago in College
Post # 3
Member
2559 posts
Sugar bee
  • Wedding: September 2010

I don’t hate my student loans, but I don’t have that much (just under $5,000) to pay off, which I think was well worth my degree. I would never get a job in my field without it! My interest rate is so low though that I’m not in a rush to pay them off, especially now that I’m in grad school and my stipend isn’t huge or anything.

Post # 4
Member
1289 posts
Bumble bee
  • Wedding: July 2012

I was REALLY lucky and walked out of Undergrad and Grad school with no loans.  My husband was not so lucky! Have you looked into an income contingent plan?

Post # 5
Member
278 posts
Helper bee
  • Wedding: July 2013

LOATHE them. Sitting at around $17K left (started with $26K at the end of 2008) so feeling pretty good about what I’ve accomplished so far.

In Canada we have a new program where you can apply for up to $10,000 over 5 years to go towards your student loans. It’s a long process, but I’m slowly getting everything together to apply o.o 

Worst part is I’m not even working in the field I studied for 🙁

Post # 7
Member
5118 posts
Bee Keeper
  • Wedding: November 1999

@June232012:  I’d pay at least the minimum, and try to pay a bit over each month as well. One thing that I’d do logically would be to apply my extra money to the one that’s biggest + highest interest. However, all of mine are the same rate (save for a measly little one from undergrad with a loooow rate), so what I’ll do is ‘snowball’ them so I can see my progress faster.

Pay the min on all of them and put all your extra towards the smallest. When you pay the small one off, take that min + the extra you’d been putting toward it and apply that to what is your new smallest loan. It’ll keep snowballing as you eliminate loans. This way you’ll sort of ‘trick’ yourself into seeing the progress and be boosted to keep it up, rather than just slowly chipping away at all the loans at once, which is easier to give up on because the progress isn’t as apparent as crossing a loan off of your list as fully paid.

So if you have 3 loans, with min payments of 100, 75, and 50, and you have an extra 30 each month to put toward them, pay 100, 75, and 80. Once your small one is gone, then pay 100 and 155 until your 75/mo loan dissappears. Then you’ll be able to put all $255 toward that 100/mo loan and it’ll quickly shrink 🙂

Post # 8
Member
292 posts
Helper bee
  • Wedding: May 2015

Haven’t had to start paying mine off yet, but I am dreading that day. I had to leave my 4 year nursing program for a 2 year one because I couldn’t afford it anymore. When I am done in 2015 I will have over $100,000 in student loans. I am currently paying intrest on all of them, but am terrified for what the payment will be when I am done. I am so worried about paying it off and being able to afford it.  =/

Post # 9
Member
2961 posts
Sugar bee
  • Wedding: May 2014

I hate them! I got my last degree in 1997 and I am STILL paying them off!

Post # 10
Member
3886 posts
Honey bee
  • Wedding: September 2011

I actually took ages to pay off my student loans because the interest on them was so low; extra money was more useful elsewhere. Plus in the US you get a tax break for the interest you pay on your student loans. It might not be so great to pay them off super fast, depending on your rate, your other bills, and your taxes.

Post # 11
Member
2281 posts
Buzzing bee
  • Wedding: June 2012

I’m drowning in my student loan payments – I racked up a ton for my PhD and I consolidated, which made my payments livable, but they still suck and are like 1/5 of my monthly income. Totally worth it for the degree and the job I have, but hard sometimes. 

Darling Husband, on the other hand, just finished a degree and falls under the new law that says you can’t be made to pay more than 1/10 of your monthly income in student loan payments, and then what’s left at the end of 25 years gets forgiven if you’be made payments all along. So he’s not hurting from his payments at all!

Post # 12
Member
3175 posts
Sugar bee
  • Wedding: May 2012

I hate them, too. Between the 2 of us, we have a mortgage payment. It’s really frustrating, since I don’t qualify for any of the income contingent plans or consolidation since my parents cosigned. I pay them 100% myself, but they consider my parents’ income when I want to do anything to them. I also don’t even get to claim my biggest one on taxes since it’s completely in my parents’ names.

Post # 13
Member
316 posts
Helper bee
  • Wedding: June 2013

Hate student loans! Seems like I’m not even making a dent in them. depressing, I pay every month and try not to think about it until I have to pay again

Post # 14
Member
7293 posts
Busy Beekeeper
  • Wedding: October 2011

I wish I had grown up in a state that had full rides at public universities for good grades.

I wish I had grown up in a different country where education was free.

I wish I had never gone to college, knowing now that getting a job would not be guaranteed

I wish I had known my 4 years of college were only good enough for $9.00 an hour.

I wish I could pay my payments, but I don’t have full time  job

I wish they would stop bailing out greedy banks and other corrupt org’s , and bail me out!

and the story goes on and on.

I’m sorry but the cost of education and the price you pay phsycially, mentally, & emotionally is out of control these days. This isnt our grandparents education world, where you could have a paper route and pay for college cause it was hundreds of dollars.

According to the Bureau of Labor Statistics the purchasing power of the dollar in 1967 was 2.933. That would mean for every dollar you spent you, in essence, received products totaling $2.93. Not bad!
1987 = .880 or $0.88 cents
In 2010, that same dollar allotted for the purchasing power of 0.459 or $0.46 (ouch).

 

Four Year Degree (public)
1967 = $748.00
1987 = $3,499
2009/10 = $21,189
2012 = $50,000

Two Year Degree
1967 = No Data
1987 = $2,230
2009/10 = $8,533
2012 = 10,688

Average Wages (only one adult working)
1967 = $7,300
1987 = $30,056
2012 = $36,000

Post # 15
Member
658 posts
Busy bee
  • Wedding: August 2012

Yup, I have them and yup, I hate them.

Post # 16
Member
2440 posts
Buzzing bee
  • Wedding: March 2012

I have ridiculous student loans and I hate them.  I pay a decent chunk out of my paycheck each month towards my $75,000 consolodated loan payment but I’ll still be paying on it for another 20ish years.  Plus when you throw my husband’s on top of mine, we pretty much owe the equivalent of a mortgage.  Now given, we both have Masters and Credentials but these loan payments kill me.  I don’t really have any tips. If you qualify for an income contingent or income based repayment, do it, my husband pays way less than I do each month and he owes more than me.   When I consolodated, they were offering a program that if you made 4 years of on time payments, they would reduce my interest rate 1%.  This is actually going to help my loans be paid off in 20-25 years instead of the original 30 because my payment is going to remain the same, but I’ll be paying more towards principal. 

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