Post # 1
Hey, bees, I’m finishing up my Masters degree soon and I’m feeling pretty stressed about student loans. I’ll be about $55k in by the time all is said and done, boooo. Anyway, for those of you who have taken out loans for school, I’m curious:
1. How much school did you complete? Some college, undergrad, masters, beyond?
2. How much did you end up taking out in loans?
3. How long have you been paying them off, and how much have you paid so far? Or if you’ve finished paying, how long did it take you?
Post # 3
My schooling has cost about 120k so far, and I’m personally in debt 30k at the moment.
Post # 4
Ah, yes student loans. My parents were generous enough to pay for my undegrad, but I was on my own for grad school.
I ended up taking out $33K in loans over 2 years for my 36 hour program (accounting). And this was at a public state school, nothing fancy. It’s insane how much costs have risen over the years.
I started paying them back last July and I’ve still only paid off about $800 of the principal. The payment is only $260/month, which isn’t awful, but it’s almost all interest, which is nice around tax time! My husband and I have other debts we want to clear out before we start attacking our student loans, so paying extra principal isn’t a priority to us at the moment. If I’m being realistic, it’ll probably be another 7-10 years before we pay them all off in full.
Post # 5
41k for an MA for me. No idea when we’ll have it paid off, but I get to put off real payments for another 4 years for the PhD (which is paid for, thank goodness.)
Post # 6
Congrats on finishing your masters!!
1. i finished my undergrad. i will be starting my master’s program in fall 2013.
2. i took out about $40k in loans. 1 year i had a full ride, but i lost my scholarships because i took a leave of absence when my mom died. after financial aid, that was what i had to take out.
3. i lived at home after school for about 2 years and paid back loans like a mad woman. i paid of $30k of them before i couldnt take living at home any longer and moved out. i have been chipping away at the $10k ever since.
i pay the lowest amount possible because my interest rate is low enough that i feel it’s worth it to carry that debt. i’d rather funnel the extra cash to savings plans at the moment. but i know if i stick with that plan, this $10k will take me almost 20 years to pay off. *sigh*
FWIW, $55k isnt terrible for a masters. my friend just graduated from a masters in education program with $100,000 debt!!!
Post # 7
I didn’t finish school, but I was really close… I ended up going on a deployment and never went back to finish. I took out a total of about $23k, my payments are about $120 a month, and I still owe just over $14k. I was able to get a pretty good job with the training I received in the military.
Fiance went to a private college to get his Bach degree, and his student loan is crippling. I have no idea what his grand total is, but I do know he pays over $500 a month! With the economy the way it is, it took him about 8 months to find a full time job when he moved to my city, and even now that he is using his degree and has full time employment, he still isn’t making as much as I am 🙁
Post # 8
$30k for a master’s. I graduated yesterday, so I’ve only paid interest on the unsubsidized so far. We’re planning on paying it all off in the next 2-5 years.
Post # 9
I worked all the way through and had some help from my parents and scholarships, but I still ended up being about $15k in debt by the end of my bachelors. I still have about $6k, I’ve been paying on it here and there since 2005.
Post # 10
My total so far: ~$9k federal loans, ~$1500 private institutional loan for technical school. This coming year I will have $11k federal for my junior year of finishing a bachelors and hopefully the same for the year after and probably half that for the last half year I need to finish it totally. AFTER THAT, things get really fun when the Masters I want (Physician’s Assistant) will be $82k-ish though I don’t know what my scholarship aid will be so I’m looking at about $120k-ish? 🙂 happy happy fun time.
For the tech school, I’m paying $93 for the institutional loan and I haven’t started paying the fed yet but I think it’ll be around $100 as well. But that will get deferred once I start school back up.
Post # 11
I have a bachelor’s degree, and ended up taking out just over $22K from government loans, and $20K from a line of credit.
I graduated in 2006 and the line of credit was paid off in 2009 I think (I forget exactly when I paid it off).
I’ve been paying on my student loan since 2007 (got 18 months of interest relief!) and it’s currently jsut under $10K now. If everything goes according to plan, it’ll be paid off by December.
EDIT: the monthly payment is $284, but we’ve made a plan to tackle it, so we’re paying just over $1000/month on it for now to get rid of it.
then we get to tackle DH’s student loan….from 2 degrees and 10 years of school. ouch.
Post # 12
I graduated with my Bachelor’s two years ago with just under $20k in loans. As of right now, they are a little over 50% paid off. Which is impressive to me considering I paid for a good chunk of our wedding in between those two years. The biggest thing is that when I graduated and went from making minimum wage at a PT college job, to a decently-paid full time job, I kept living like the broke college student.
I also found which loans had the highest interest rate/had been gaining interest through college, and paid them in full – which was only like $1500-$2000 total, but doing that one chunk has saved me several hundred in interest.
I also pay 30% over the minimum each month, and when I get ‘extra money’ – think tax refund, yearly bonus – I throw a chunk of that at them too.
Post # 13
@hisgoosiegirl: Living like a broke college student even with a higher salary… I need to learn that skill! I’m doing alright with that right now, but it’s easy to forget all the corners I used to cut – no reason I can’t be doing that now.
Post # 14
I just have my BA. I was fortunate in comparison to the usual student loan statistic. I have roughly 18k in government loans. I’ve only been paying them for about a year. I graduated in 2009 and didnt find a job until last spring. I did the math and they will be paid off in 7 years-ish.
I’d love to get my masters, I always thought I would. Other than the cost, my field doesn’t really require it.
Post # 15
Law school and an MBA at a private university racked up $150k in debt. Been paying on it to the tune of over $1,500 PER MONTH for 3 years so far, and have hardly made the slightest dent. Most of it goes to interest. Bonus checks for the forseeable future are going towards loans 🙁
Post # 16
@koveline: it’s sooooooooooo easy to think omigosh, I’m making all this money! I can afford to have expensive tv/internet/go out to eat more/buy more/nicer clothes – since we had the wedding AND loans, I was still set on saving every penny possible.
If you do have cable/internet call and negotiate for a better deal, pay attention to what food is on sale, USE COUPONS!, if you use credit cards, get one that gives you cashback, if you shop fairly often at one clothing store, get their credit card (always pay in full!) to get the % off deals and such.
It really is the best decision that Darling Husband and I made. We’ve let up a little since the wedding….but we still try to stay pretty frugal – helps the down payment fund grow faster 😉
and really do check out your loans – you might have several through……say Direct Loans, but they should still be separate by what year you got them. When I did that, I was able to see that my loan from 2008 that was only like $1200 was the highest interest one that I had. So I called them and asked for my next payment (which I changed to be $1200) to go directly to that loan so that I would be rid of it.