Let's Talk Student Loans

All BS aside, who has them? How much of a burden are they to you to pay back each month? I have student loans and as a result of an income increase, the monthly payments are about to skyrocket.

How much can they require me to pay back monthly? Is there a max percentage of income or something????

Anyone completed paying their student loans back? How great does that feel??? Phone Post 3.0

Thank god for scholarships. I have a class mate who is $100,000 deep in loans. He makes great money but still has trouble paying them off Phone Post 3.0

you can pay 10% of your income without going into default.

if your income goes up the payment goes up.

this was implemented a while ago.


I borrowed right around 250k for an ethnic and women's studies PHD.

I make 9$ an hour at starbucks lecturing privileged white ppl about their race.

You should be able to change your payment plan. I was supposed to start paying them a few months ago, but because of unforseen circumstances I deferred them. Next month will be when I first start paying them. I'll do either fixed or gradual - I already consolidated them. I try not to think about them, because it makes me sad when I do think about them lol, by the time I finish paying them with all the interest and everything I will have paid back about 35k.

my niece is a freaking teacher and she's like 180k unde & teachers don't make much... my brother in law is about to sell his vacation home to pay off her debt. That's her inheritance that he dreamed of leaving to her since she was born.

see my thread about my son

he's 18 and leaving next year for college and right now it looks like we are going to be about 110 under even after his scholarships after 4-5years in his program

My wife an I are helping him though

I'm graduating in a week, but then I'm going to grad school.

When I'm out I expect to be a little under 200 grand in the hole.


Edit: For my undergrad, I got a total of $51,000 in scholarships (over a 5 year program). I'll be getting a little over $54,000 for grad school over 2 years. Over $100,000 in scholarships, still close to $200,000 in debt. Fuuuuuuuuck.

john76 - my niece is a freaking teacher and she's like 180k unde & teachers don't make much... my brother in law is about to sell his vacation home to pay off her debt. That's her inheritance that he dreamed of leaving to her since she was born.

see my thread about my son

he's 18 and leaving next year for college and right now it looks like we are going to be about 110 under even after his scholarships after 4-5years in his program

My wife an I are helping him though


Holy fuck where do these kids go to school?!

later Phone Post 3.0

btw these last two posts have me feel a lot better about my debt lol

No trouble paying them every month. I use auto pay and treat them like my wife's feelings....ignore them Phone Post 3.0

I'm so grateful I didn't spend a dime on college. What a scam. Phone Post 3.0

McBottery - I'm graduating in a week, but then I'm going to grad school.

When I'm out I expect to be a little under 200 grand in the hole.

Have you evaluated whether this is a good idea?

I went 130k in the hole but started at 140k right off the bat.

what grad degree gets you jobs paying enough to be worth that?

You should've gone to trade school... Phone Post 3.0

gregbrady - 
McBottery - I'm graduating in a week, but then I'm going to grad school.

When I'm out I expect to be a little under 200 grand in the hole.

Have you evaluated whether this is a good idea?

I went 130k in the hole but started at 140k right off the bat.

what grad degree gets you jobs paying enough to be worth that?

My BS is in Biochemistry. I'm going to grad school for both my MS in Biotechnology and my MBA, and will have them both within 2 years. I also already have a fair amount of experience due to interships during my undergrad time. I'm worried, but not too worried.

I almost got an ulcer taking on that much debt.


fuck man.

Damn I hope those of you with 100K+ went ivy league at least. I have about 18K including a masters due to scholarships.

Hard to justify those costs for anything other than a medical degree these days IMO (unless you're already loaded).

I have been paying my tuition as I go. It's been a major blow to my income but fuck getting in a bunch of debt for school. I just took out a 21 month 0% interest CC for next semester. I'll have the balance paid off by years end and will use it as long as possible. I even considered a 401k loan but my returns have been good so I decided to get the CC instead of losing out on some profits. Hopefully I can keep it up till graduation and be debt free when i walk.

McBottery - 
gregbrady - 
McBottery - I'm graduating in a week, but then I'm going to grad school.

When I'm out I expect to be a little under 200 grand in the hole.

Have you evaluated whether this is a good idea?

I went 130k in the hole but started at 140k right off the bat.

what grad degree gets you jobs paying enough to be worth that?

My BS is in Biochemistry. I'm going to grad school for both my MS in Biotechnology and my MBA, and will have them both within 2 years. I also already have a fair amount of experience due to interships during my undergrad time. I'm worried, but not too worried.

That's still a SHITLOAD of debt dude. Do you have a girlfriend/anyone you plan to be living with (just asking in terms of splitting living costs)? I'm not dissuading you from getting an MBA, but make sure it's worthwhile. I know plenty of people that can't buy houses due to less student loans than you and they make pretty decent money.

if youre going to use student loans, make sure you:

choose a field of study that has an actual job market AND will take new graduates/entry level

choose a field of study/career that has a salary amount that will allow you to pay off the debt and live comfortably.

My wife and I both have our masters $700 month combined in min payments (~$50k payoff started around $90 combined). I make $120k she makes ~$62k plus we both teach community college online that brings in about $16k extra a year. All our teaching income and all my bonuses and profit sharing go to student loans. Have about 3 yrs left and can't fucking wait. Phone Post 3.0