Let's Talk Student Loans

My kids will know the joys of a state school. No private school for them. No way. Phone Post 3.0

choadler - My kids will know the joys of a state school. No private school for them. No way. Phone Post 3.0

Amen to this! Even out of state / state schools should be considered. I'm pretty sure I will even look at figuring out how to establish state residency to cut into the cost.

When me and Mrs Dysqo were planning our wills and trusts, we put a clause if we both are 6 ft under, they cant use the $ to go to a Private college.

MountainMedic - 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
Haha this was me...didn't have to borrow til junior year...some people have it good, they don't plan ahead and still bitch Phone Post 3.0

Reading this makes me thankful I'm in the UK. For my BSc I took a total of £9k for the full 3 year degree course and another £10k spent on my MA.

I have £4k left to pay off and pay £72 per month from wages direct. Fuck having 200k in student loans Phone Post 3.0

Unless you want to be a doctor, engineer or something else highly technical and specialized, the cost of college now FAR outweighs the value. Burying yourself under a mountain of debt just because society and/or your parents tell you that that's the next logical step, is foolish. This is especially true if you're an entrepreneur. Phone Post 3.0

You make your fucking payments and you work with a good lender. I had several bad years where I would hid from it with no other options. It put me back a lot credit wise and Fico score and amount owed. Don't ignore the issue. You eat cereal or rice every day if you have to but you pay that fucking money on whatever scale income/payment you can. As long as you look at it like life and death you will be ok. Phone Post 3.0

The last five years I worked with a company called Nelnet. They were excellent. I had on online dashboard to sign into and make weekly payments (it helped me emotionally to make weekly payments compared to a larger monthly payment) I knew what my interest was and was able to tackle the larger sections of the loans with the higher interest rate. 24/7 support. Different deferment programs based on income, hardship, etc. Phone Post 3.0

I'm 32 pay 200 a month. Not bad now that I make 60. But when I made less than 30 right out of college it blew. Phone Post 3.0

Paid them off. Phone Post 3.0

my older son went for two semesters and got a big discount due to my working for the university

but....it wasn't for him.....coupled with his pap dieing and his grandmother getting breast cancer....he started thinking about it and decided that the debt wasn't something he could justify for what he was getting

so now he is an assistant manager at a Sheetz store....will probably have his own store by the time he is 25 and will have options to advance to district manager etc from there....he enjoys his job and he is doing very well review wise and making contact wise etc

no loan debt

thank God

Wickwire - Unless you want to be a doctor, engineer or something else highly technical and specialized, the cost of college now FAR outweighs the value. Burying yourself under a mountain of debt just because society and/or your parents tell you that that's the next logical step, is foolish. This is especially true if you're an entrepreneur. Phone Post 3.0

The problem is that college grads in general still make more; even administrative positions and such are getting replaced by people with liberal arts degrees. Just look at the employment numbers.

A bigger problem is that most young people can't comprehend the impact that a heavy debt will have. Everyone's so conditioned to think "everything will be okay", "things will work out", etc. that they're fucked by the time everything sinks in.

People like McBottery need to come out making 150K or so to live with any kind of comfort, and even then you might hurt if you're living in a major city, have a dependent, etc.

College is a good thing if you don't allow yourself to go crazy w/ debt.

Holy shit, I can’t imagine racking up the amount of debt some of you have in student loans.  I had $12k from my undergrad and nothing from grad school, I was on TA/RA stipend.  When I finished grad school and needed to pay back the student loans I just cut them a check for the amount owed.  It stung a little but was worth it.

There are so many other options and going 150k in debt for a 4 year degree seems absolutely insane to me. I am willing to bet you can go to a state school and get the same level of education for MUCH cheaper.

As I understand it, if you get a job at a university, you can just pay 10% of your income for 10 years, and then the rest of the debt is forgiven. so, if you make 60,000 a year, you're paying 6,000 a year. That doesn't seem so bad.

But here's my question. I have around 100,000 dollars in loans, and I'm about to graduate. Shouldn't I just take out another loan while I can, put the money away, and use it to pay off the student loans after I graduate?

If my payments are going to be fixed at 10% of my income, why wouldn't I take more money now? Serious question.

FABombDropper -
GuttyProfessor - 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
So you agreed to pay a percentage of your pay for 10 years, the rest forgiven? So what is the issue with fulfilling that agreement? If your pay increases, your payment increases? I'm confused as to where the problem lies? Phone Post 3.0
I'm not whining. It sucks cutting the check each month, but fair is fair. When I was earning 1/3 of what I am now, the payments were much lower. Te thug is, it's a very delayed gratification thug. I won't benefits from my degree in a financial sense until I've had it and been working for almost 15 years.

I'm trying to understand why most people just never pay their loans back at all. Phone Post 3.0

Pay 500 a month make 110k. Over half paid for. It was a good investment. Phone Post 3.0

What's these loan forgiveness crap I have a EE been paying for 12 years on my loans Phone Post 3.0

damn this thread is scary..i cant imagine starting out in life owing $150k right out of the gate...go blue collar all the way, no debt, you can make over 6 figures a year but youll have to put the time in..beats paying off all that debt though..

black89 - Pay 500 a month make 110k. Over half paid for. It was a good investment. Phone Post 3.0
What do you do for work? Phone Post 3.0

Bry Bry - damn this thread is scary..i cant imagine starting out in life owing $150k right out of the gate...go blue collar all the way, no debt, you can make over 6 figures a year but youll have to put the time in..beats paying off all that debt though..
I can't speak for everyone, but my reason for furthering my education as much as I am is to raise the ceiling on my potential salary, not the floor. Phone Post 3.0