(Closed) Student Loans

posted 10 years ago in Money
  • poll: Student Loans?

    I'm still paying student loans

    I used to have student loans, but I paid them off just by saving money from my salary at work

    I used to have student loans, but I paid them off by a gift of money from a friend/relative

    I used to have student loans, but I got them paid off by a work or government program

    I have a bachelors or higher, but I never took any student loans because I'm awesome!

    other... and I'll explain!

  • Post # 32
    Member
    96 posts
    Worker bee
    • Wedding: June 2011

    I can see how student loans from law school can really add up.  I just have a bachelor’s and graduated after my third year, so my loans were something I could handle.  I hate having debt and since I was fortunate to get a job right out of college, I started saving like crazy until I had them completely paid off before my grace period was up.  Good luck too everyone!

    Post # 34
    Member
    582 posts
    Busy bee
    • Wedding: July 2010

    Well, this kind of makes me feel better about my situation, even if that isn’t very nice of me!

    I have about 16K in student loans from undergrad, but I’ve been out of school for 4 years and haven’t really started paying them yet. I think they’ve been earning interest in that time so it might be a bit more by now. My loans were deferred while I was in grad school, then I worked for a year and then began a different grad program (while also working). So I paid for about 6 months in between there. Luckily, my first graduate program was basically free, with my teaching assistantship and living with my parents. My second program is deeply discounted. I took 4K in loans for that last year, and am paying for this year with a government grant (Americorps). I get a raise next year when I have my new degree!

    My new husband also has about $16K in debt from the same undergrad college. He’s been paying his down though.

    We always round up our payment and that makes more money go toward the principal. Every little bit helps!

    Even though our interest rates are about the same as our mortgage (5%), we plan on paying down the student loan before the mortgage. There’s a tiny chance we could lose money when we (eventually) sell the house, and then any extra money we paid on our house is lost. But we’re on the hook for these student loans forever.

    Post # 35
    Member
    893 posts
    Busy bee
    • Wedding: September 2011

    I refuse to get any more schooling unless it means no additional student loans. I have about 25K from my undergrad. I graduated in 2009 so I’ve just started paying them down. My goal is to pay them of in 5-7 years instead of 10.

    It is the only debt I have besides a very very small (less than $500) in credit card debt that I am going to pay off and then cut up my cards.

    Post # 36
    Member
    1046 posts
    Bumble bee
    • Wedding: December 2010

    I have some debt from undergrad, but it was pretty managable and less than the average in my state and in the U.s. But now I’m in medical school and racking up somewhere around $150K…I’ll have to start paying them off in a couple years. It’s going to be ridiculous, but I’m fortunate enough in that my fiance is employed and will have paid off a good amount of his debt by then and I’ll start making money before I have to start paying them. It’s definitely something that I don’t like having to think about though…it’s going to basically be equivalent to a mortgage payment.

    Post # 37
    Member
    403 posts
    Helper bee
    • Wedding: June 2010

    We just graduated from med school so we have double debt.  We hope to pay it off quickly by living off of one person’s salary and putting the other completely towards debt.  We were both lucky to have had full scholarships for our undergrad education.

    Post # 38
    Member
    54 posts
    Worker bee
    • Wedding: August 2009

    My husband has student loans – when we got engaged they were at 50k but over the past two years we have gotten them down to 15k.  We’re really aggressive with paying back the loans, and we live far below our means as a result.  Also, I am currently in law school, but I am in-state in Virginia and I have a partial scholarship, so we are hoping that by the time I graduate in the spring of 2012 we will be totally debt free. 

    Post # 39
    Member
    529 posts
    Busy bee

    As soon as it came time for me to pay back my loans, I set up a direct recurring deposit through my bank for the amount plus an extra 1/2 of the amount. I don’t even see the money because it comes directly out of my account. I have paid off a substantial portion of my principal and feel pretty kick ass when I get my statements. Of course, it will still take forever to pay off, and I know this isn’t an option for everyone, but as someone who is not always very fiscally responsible, it makes me feel like I’m doing something that means there is an end in sight!

    Post # 40
    Member
    3709 posts
    Sugar bee
    • Wedding: May 2011

    I’m Awesome!! Laughing I had a full academic scholarship so no student loans for me.

    Post # 41
    Member
    1801 posts
    Buzzing bee
    • Wedding: June 2010

    I had a scholarship for undergrad that paid all my tuition, but the fees and books added up fast so I have about $10,000 in federal undergrad loans.  They’re on hold though because I’m racking up a good $50,000 more for out of state grad school fed loans at the moment.

    DH was lucky enough to have his parents pay for his undergrad degree, so no loans there thankfully.

    Post # 42
    Member
    1568 posts
    Bumble bee
    • Wedding: March 1996

    Even within my specific program in grad school, it was mind-boggling to contemplate the difference in people’s lives effected by the crazy little algorithms that determine financial aid. A huge part of the reason why I selected my grad school was their near-full offer for my tuition for my first year, and I went on to secure a fellowship that covered my tuition during my second year. Working as a TA and research assistant to pay my living expenses, I managed to graduate debt-free. I of course had several friends who simply didn’t manage to get that lucky, and are saddled with tremendous debt now. It would have been very difficult for me to make the decision to get the masters degree had I been in that situation; my dad drilled deep into my core when I was growing up that unnecessary debt should be avoided like the plague, especially early in life when saving is so valuable. Between my husband and myself, our only debt right now is our house, and even that makes us pretty dizzy when we think about it too much. We are lucky.

    Post # 43
    Member
    2280 posts
    Buzzing bee
    • Wedding: April 2011

    I start payments on my student loans (about 25K) in another month. Once I have a full-time job, virtually every cent will go towards that. It will be possible because fiance has a good, stable job and we’re combining finances. I want to get my loans paid off in about two years. After watching my parents struggle with debt, the mere thought of living with it makes me sick to my stomach!

    Post # 44
    Member
    2271 posts
    Buzzing bee
    • Wedding: August 2009

    I am STILL paying on my students loans and I graduated 14 years ago. I despise PHEAA with a passion, they are worse than any bill collector!

    Post # 45
    Member
    15 posts
    Newbee
    • Wedding: March 2011

    I came out of undergrad debt free but racked up $70,000 in debt during medical school.  That actually isn’t a bad number for medical school because I went to a state school with dirt cheap tuition.  Most medical students come out of school with $150-200,000 in debt so I consider myself lucky.  However, with my measly resident’s salary and the fact that I’m a pediatrician who will never make what most people think of as a “doctor’s salary”, I’ll be paying them off for awhile. 

    Post # 46
    Member
    4383 posts
    Honey bee
    • Wedding: May 2011

    I graduated last year with my engineering degree and 8K worth of debt. I’m proud to report it’s all paid off now! We’re still working on FI’s though, he had about 18K and we’ve got it down to around 7.

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