Student Loans are like kids but better

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    Apr 20, 2011 2:46 PM GMT
    Another good friend of mine had her baby boy last night. It got me thinking that I'm quite far behind the rest of my cohort in that business, and there's maybe a 2% chance that I may produce one of my own.

    Things like that aren't really important to me. Instead I have the luxury of being a student until I'm 35. At the rate I'm going now it's costing me ~$25,000 a year, and fingers crossed I won't hate my job in the end.

    With all the loans I can easily say I can't afford you this month so I'll only pay you a little; With kids you really just can't skimp out on them for a month or two.

    Maybe I'll make a nursery that's devoted to just paying student loans.

    So how is everyone else doing on student loans right now?
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    Apr 21, 2011 12:24 AM GMT
    deltalimen said... With kids you really just can't skimp out on them for a month or two.
    Yes you can. That's what WIC is designed for...and it doesn't have to paid back.
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    Apr 21, 2011 12:39 AM GMT
    I started paying mine off 2 months ago. My monthly payment isn't bad. College cost me about $31,000 a year in tuition (yay private colleges), but I got a whopping $20,000 in scholarship and grants a year, so ultimately have less college debt than the average borrower. Oh and I completed as many courses as possible in community college so even with switching majors I only needed to do 3 years of University to finish.
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    Apr 21, 2011 1:31 AM GMT
    the ~$25000 a year now isn't including what I've already wracked up in undergradicon_sad.gif

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    Apr 21, 2011 4:09 AM GMT
    I'll be in debt up to my eyes for the next 30 years or so. Who needs a mortgage when I passed undergrad? icon_wink.gif
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    Apr 21, 2011 4:12 AM GMT
    I'll probably be at $36,000-45,000 by the time I graduate. And that's 6 years of undergrad T_T
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    Apr 21, 2011 4:30 AM GMT
    Umm...I'm probably going to be $180K in debt + interest after everything's done. icon_eek.gif
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    Apr 21, 2011 4:51 AM GMT
    wow...note to self, don't get with an american guy who went to an american school...large financial liability
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    Apr 21, 2011 4:56 AM GMT
    Wow guys, I am stressing over possibly having 20,000-30,000 total after graduation. This loan is also zero percent as well so I try not to stress too much about it, but hearing your amounts I feel alittle better.
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    Apr 21, 2011 4:58 AM GMT
    my tuition is 54 icon_neutral.gif. I didn't qualify for aid but at the last minute the gave me a scholarship so I only have to pay 18. Payed in cash so far. hoping to come out loanless. icon_confused.gif
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    Apr 21, 2011 5:18 AM GMT
    I paid off my student loans this past year and I'm going to miss them come tax season. They always were a good deduction.
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    Apr 21, 2011 5:20 AM GMT
    Student loans are like mortgages but worst!
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    Apr 21, 2011 8:53 AM GMT
    8 years down... another 12 to go before I pay off that thing... icon_neutral.gif
    Fortunately it's only a couple hundred bucks each month and the interest rate is low, so overall it isn't too bad.
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    Apr 21, 2011 10:41 AM GMT
    My tuition will be €224 per semester (of which we have only 2 a year.) Down from €724 this semester. Actually, it's not tuition at all, but the fees for various programs, such as a 6 month ticket to ride all the public transport in the state, as well as other smaller programs such as the student union, etc. The €500 difference was tuition, but they got rid of that.

    I have no student loans. I work 2 part-time jobs (about 20 hrs a week total) to pay for my apartment, food, etc.

    The only way I was able to afford higher ed in the States was through company reimbursement.
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    Apr 21, 2011 11:27 AM GMT
    My three-year repayment holiday (eligible for kiwis who travel overseas for over 6 months, or decided to live overseas) is nearly over, and I got my first bill a few days ago. For some reason, I actually got excited getting that letter.

    I think I have nearly $40K. And I have to pay $3000 per year.
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    Apr 21, 2011 1:52 PM GMT
    msuNtx saidWow guys, I am stressing over possibly having 20,000-30,000 total after graduation. This loan is also zero percent as well so I try not to stress too much about it, but hearing your amounts I feel alittle better.


    Double that and add 6.8% interest, and you've got my loans! Hahaha.

    One of these days I might be able to afford a double-wide. Thanks, college!
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    Apr 21, 2011 1:56 PM GMT
    Pyrotech said
    msuNtx saidWow guys, I am stressing over possibly having 20,000-30,000 total after graduation. This loan is also zero percent as well so I try not to stress too much about it, but hearing your amounts I feel alittle better.


    Double that and add 6.8% interest, and you've got my loans! Hahaha.

    One of these days I might be able to afford a double-wide. Thanks, college!



    I'm over here flipping out, how to I cut my loans down. I've picked up like 3 jobs, I am graduating a year early just to cut out the fees of the last year. I pay over 1,000 just in academic fees. I'll be looking at about a 250-350 monthly payment for 8 years, then I will be done. I know my loans don't even compare to yours haha, sorry bud.
  • mikey_101

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    Apr 21, 2011 2:01 PM GMT
    It does make you wonder if its realy worth it.

    How much will be paid back with the interest? It all seems like a scam to me.
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    Apr 21, 2011 2:05 PM GMT
    6 figure student loan debt (three useless degrees) that will have me a slave to the banks until my mid 40s at this rate... Kids will have to come after...
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    Apr 21, 2011 2:12 PM GMT

    It always amazes me to hear these stories.

    How is it that we pay no fee's and you guys are paying multiples of tens of thousands.

    To start of life that heavily in debt must be tough.
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    Apr 21, 2011 2:31 PM GMT
    i pay almost $500 a month in student loans myself and i think my repayment plan has me being paid in full over the next 20 more years (this isn't counting the past 5 years that i've been paying them). the interest, in the end, will be almost the amount the loans were for, so i plan on paying big(ger) amounts towards the principle soon hopefully so i can eliminate all of this interest i'll be giving them.

    i have toyed with the idea of seeing a financial adviser to see my best options with this since i don't have any good ideas on how to make my interest lower or pay it off in a shorter amount of time. one thing i did think of is, seeing if i could get a loan from a credit union to pay off the big bank loan. i know credit unions would offer a much lower interest rate.
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    Apr 21, 2011 2:49 PM GMT
    This is a fascinating discussion and I thank Deltalimen for being so candid about starting it and being so candid about his own fears. I work in higher education as a recruiter for a graduate school in California. When I meet with prospective students, I have a short script that I adhere to in assessing whether they are ready (intellectually, emotionally and financially) for graduate school. It usually goes something like this:

    1. Articulate for me your 1 year, 3 year and 5 year plans for your career aspirations.
    2. Talk about your undergraduate experience or professional experience and why you are looking at our graduate program.
    3. Tell me about your finances - how much student loan debt do you have or consumer debt.

    I can't in good conscience help to enroll a person who isn't ready and #3 is an ever increasing detriment.

    I'd like to add to this thread by asking -

    "How much counsel did you get -from parents, friends, university representatives, etc.- before you decided to take on this much student load debt?" "Did anyone propose other alternatives....what were they and why were loans determined to be the best alternative?"

    I'm genuinely curious because those of us in Higher Ed need to do a better job of educating students about the realities of the debts they are taking on.
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    Apr 21, 2011 3:16 PM GMT
    @osakarob I think that's a really great discussion most people should consider before grad school. My mentor at ASU talked to me in depth during my interview process there.

    My thoughts on students loans is that if I make my last payment the day before I die, I know that it was all well worth it. No one can take your education away from you.
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    Apr 21, 2011 3:57 PM GMT
    Students loan are not that bad... The payments are really low and being in 40-50 grand of debt is not a lot of money to me if you are majoring in a high paying career. If your majoring in something with a low salary or thats not in demand than good luck. Also get your shit done and stick to it! The faster you get your stuff done the less you pay in a sense and stick to one thing!
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    Apr 21, 2011 4:00 PM GMT
    mikey_101 saidIt does make you wonder if its realy worth it.

    How much will be paid back with the interest? It all seems like a scam to me.


    Dont take own loans than, get multiply credit cards with no interest rate on them for a certain amount of time and get a job and pay it back. Thats what my sister did since she owed 18k, and the interest or lack of interest was lower and the money she owed in the long run would be less.