(Closed) Join me in venting about student loans :)

posted 4 years ago in Finances
Post # 2
Member
4242 posts
Honey bee

Yep- I’ve got a lot paid off but I still have a hefty chunk to go. One loan is low enough I could easily pay it off in a month or two but it has 0% interest so it makes more sense to put large payments on my other loan, which is much larger and seems like a bottomless pit I throw my money into each month 🙁

Post # 3
Member
582 posts
Busy bee
  • Wedding: April 2017

There are few finances that I hate more than my student loans – only my SEPTA train pass makes me more upset. Not only do I have federal loans to take care of on my own but I have private loans in my stepfather’s name based off of his income and nontransferrable therefore each month I am spending a little over $1500 just in loans alone. Rolling my eyes at going to a private college for the rest of my life.

Post # 4
Member
8961 posts
Buzzing Beekeeper

submart:  If the loans helped you get a marketable degree, the premium you’ll be paid over the rest of your life will more than make up for them. I know it sucks while you’re paying them, and when you’re first starting out in the workforce it might not SEEM like the degree is making a difference, but a few years in, it will definitely start making a difference. I make a good 30% more than other people with a similar position but no degree, even though my degree doesn’t even have anything to do with my field. And for the next level up, a degree is required, so those without one won’t be able to progress in that line. So try to see this repayment period as “paying your dues” and think of all that extra money you’ll have in your pocket once they’re paid off!

Post # 5
Member
386 posts
Helper bee

Ugh, I hate student loans! I do feel like I got off easy though compared to my American counterparts (I’m in Canada)! I’ll have paid off just under $56,000 (including interest) once all is said and done in a total of five years. I can’t imagine having to pay down double that amount like many bees in the U.S. do!

Post # 6
Member
46 posts
Newbee
  • Wedding: August 2015

@Diasy_Mae is right but I agree it is tough. I was lucky and actually ONLY used my grant money, not my loan money while i went to school so when it came time of pay my student loans back (OSAP in Canada) I just threw all of the loan money I didn’t use onto my account and it was paid off the day after I finished my Master’s degree. However, my husband was not so lucky. He did an M.B.A and it was sooo expensive. I sometimes don’t even know how we paid for it because his loans did NOT cover it. So when he graduated he had about a $40,000 loan to pay back. I am proud to say that we JUST paid it off 2 weeks ago in full as a lump sum payment with his bonys this year but prior to that it was chipping away at about $650 a month. I know it doesn’t sound like THAT much but its still hard. I always thought about what else I could be doing with that money. Ultimately, it only took about 2 years for him to pay it off and I know people have it worse than that but I still felt like a slave to the government for those 2 years. (In canada most school loans and grants are given to students by the government)

Post # 7
Member
1810 posts
Buzzing bee

Daisy_Mae:  well said. I paid for both my degrees myself and even though the student loan payments are the equivalent of a medium sized mortgage, it has paid off in my career in the end. I don’t mind putting off certain things for long term goals. 

Post # 8
Member
1740 posts
Bumble bee
  • Wedding: June 2016

Yep, I’m 46 and have tens of thousands in student loans – for both undergrad and graduate.  My graduate loans are recent – I just graduated with my master’s in December.  My undergrad loans are not – I got my BA in 1995, and although it helped me get decent jobs, I was a single mother for so long that I had to defer them for years, which means they just racked up more and more interest over time.  The federal government has made a shit load of money off me, and, honestly, it pretty much pisses me off (and is largely why I voted for Sanders – lol).  

Post # 9
Member
4028 posts
Honey bee

As much as I didn’t like paying for my student loans (fiinished paying them off in September 2015) and we don’t love paying off DH’s loans, we know it’s worth it.

Between Darling Husband and myself, we will have paid off $53,000 in student loans by November 2016 (and be done). Darling Husband has a BS and MA, and I have a BA and finishing my MPA. Our four degrees combined should have cost us about $286,000, but we were fortunate to get significant financial aid along the way. 

Still, paying $53,000 was no small feat and we did it on our own working and paying it off. If we didn’t have our degrees, we wouldn’t have our current jobs, incomes and life style. We have chose to sacrfice in certain ares, make really high payments for it to be gone sooner and focus like hell on eliminating it.

I don’t love paying off student debt, but I am grateful for the opportunity it afforded us to obtain an education and proud of what we have accomplished.

Post # 10
Member
3387 posts
Sugar bee

submart:  I feel ya!  I’m so grateful my parents paid for my undergraduate education (private college), it was about $200,000.  When I’m finished with medical school I will have about $365,000 in debt.  I can’t even imagine if my parents hadn’t paid for my undergrad

 It frustrates me when people say, “oh well but you’ll be a doctor so you can pay that back in a year or two!”  Nope, not even close to the truth…  There is interest accruing immediately after disbursement, and once you have compound interest for 7+ years (med school and residency), that adds up fast!

Post # 11
Member
2356 posts
Buzzing bee

I’m still paying, have been for 16 years now and will contiune to pay for probably another 16. It sucks, I can’t wait till they are gone.

Post # 12
Member
1031 posts
Bumble bee
  • Wedding: October 2016 - His Way Church & Chesapeake Room @ Downs Park

I am just about to graduate and for a long time the idea of having to pay them off was stressful but I recently changed my whole outlook on the situation and I feel a lot better. Basically, I now just view debt as something inevitable that I cannot really control. We are all always going to be in debt for something–a mortgage, a car payment, student loans, other loans–I feel like the majority of people on the planet would not be able to acquire the things they have without having to borrow from someone. So now I just say hey, I chose to further my education and these loans are a consequence of that but they are a small price to pay for my quality of life. And if I have to make payments toward them every month for the rest of my life, that is just something I have to accept.

I used to have such a problem with never being satisfied. Instead of focusing on the now, I was always looking to the future–things will get better when I have (fill in the blank). But I learned that that is no way to live.

So my advice to everyone is just do you. Do what you want/need to do in order to gain the life you want and don’t look back or regret that. Then, don’t give it a second thought when you send that check in the mail. Just live your life and accept what you have to do!

Sorry for the novel. But I hope it helps!

Post # 13
Member
941 posts
Busy bee
  • Wedding: May 2016

Oh I feel you. I have a federal AND a private loan. I recently looked at the balance owed and it makes me sick considering I’ve been paying on them for 11 years!!

I owe about as much as an economic car…less than $20k. I started w/ over $30k, which is what makes me sick…I’ve only paid $10k in 12 yrs?!

But, once we are married, I’m going to devote more than minimum so I can pay em off!

Fiance has one too but he pays just $78 a month. I pay a total of $300 a month on mine.

We’d like to think we are going to save for our kids education so thry don’t have to deal with this…we’ll see (& right now I work at a university that has a tuition exchange w/ lots of othe universities all overy the country…it’d be great if I keep this job…).

Post # 14
Member
584 posts
Busy bee

submart:  I just started paying back a student loan this month for graduate school. On top of paying for that, rent, health insurance, groceries, and the wedding, I feel your pain. Haha.

Post # 15
Member
116 posts
Blushing bee
  • Wedding: October 2017 - Grand Sunset Princess, Riviera Maya, Mexico

I know what you mean! My boyfriend paid off his (over 50k) just last november and I have $1600 left on my Osap (Canada). I started with $26500 September 2014. It feels like our lives have been on hold while we pay this. But two more paycheques and I will be done!

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