Let's Talk Student Loans

Gullivers Travels - 
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.


yep

grad school interest is at 7.9% and you accrue interest while you're attending classes, (it's no longer subsidized, Congress made this change to save money in 2011)

Isn't that like a $3000 a month payment? if you make 140k year that's going to be half of your take home after taxes roughly. you'd be just as good making 70k a year with no debt.

have any of you looked in to working for your state?

my buddy graduated from law school and took a moderate income job with the state and after 10 years they forgive ALL his loans... he just had to make the min payment on them

Pretty sure it was 97k at the start

He's a deputy attorney general... sounds cool but there are tons of them.... it's just a cool title

Gullivers Travels - 
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.


I ain't even scared. I also have no desire to not live in a city, so I won't even be considering buying a house until I'm well over 30.

McBottery - 
Gullivers Travels - 
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.


I ain't even scared. I also have no desire to not live in a city, so I won't even be considering buying a house until I'm well over 30.

you do know that starting out 200k under in life is flat out crippling right?

and you can't even declare BK on it

literally the only job I would consider going 200k in the hole for would be either a dental or medical degree.

no other job makes sense to do that in, including law degrees, engineering degrees, biochemistry degrees, etc.

All I'm saying is, if you're gonna spend that kind of money on an MBA, go to a good school if you can (you have a stem undergrad which would help). Also, make sure it'll help right out of undergrad...there's a reason the average age of MBA students is late twenties (or was a few years ago) and top schools want their applicants to have work experience.

200k in student loans = fuck....that....shit

Not just getting my MBA, getting 2 degrees at the same time. Wouldn't be willing to spend 80 grand if I wasn't. And I'm going to a great school. I have work experience, which is why I was accepted. I also have some connections in the biotech/pharma industry.

what's horrible is

we are at a point where we are telling kids to ONLY take classes that apply to their field/major

there's something wrong with that

I work for an educational institution, so I am in the public service loan forgiveness program. Pay for 10 years and the balance is forgiven.

I owe about $135k for my Masters and PhD. I earn good money, though, so it was worth it. Also, I'll be 46 when I'm done paying. That leaves me with a good chunk of time to channel that $ into my retirement at a key point.

The payments suck, but overall I'd say it's worth it. Phone Post 3.0

My coworker is paying his and his wife's student loans. She got $60k in loans to get a master's degree, and now makes up excuses why she can't get a job, so he's paying both his student loans and hers. At the rate he's going, he'll be done paying them off just in time to retire with no savings at all.


I'll just leave this here.

I have 63k left on grad school debt.

I pay 800 a month. It wasn't worth it. I am stuck in my industry unless I find something that will support my debt.

I want to open my own business, but with student loan debt and insurance for my family, I am starting out 2000 in the hole a month Phone Post 3.0

I has a bs in biological sciences. Probably the most useless degree you can have. Luckily i played basketball so it was all free. If i had to take out loans for it id just jump of a bridge Phone Post 3.0

Fucking a, just get a fucijg blue collar job right out of high school. By te time you are 23 you have 5 years experience in an industry typically lacking white males in leadership roles.

Zero debt and beleive it or not you can make good money in trades, excellent experience, that can lead to advancing in your company, starting your own, working for county etc. oh yeah and you don't owe anyone 50k Phone Post 3.0

Lol not white males so much as Americans. Phone Post 3.0

Paid mine off in 03, felt great. But I only borrowed the absolute minimum I needed... Grants and working my ass off before and during college paid for most of it. I could have gotten MUCH more in debt. Phone Post 3.0

checkuroil - I have 63k left on grad school debt.

I pay 800 a month. It wasn't worth it. I am stuck in my industry unless I find something that will support my debt.

I want to open my own business, but with student loan debt and insurance for my family, I am starting out 2000 in the hole a month Phone Post 3.0
Jesus! Phone Post 3.0

Wow. A lot of people are bad at personal finance. Live like paupers for a while and pay that shit off ASAP Phone Post 3.0

My God, what makes school so expensive these days? Phone Post 3.0