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Currently $31,500 something.
I'm going back to school again for an Associate in Accounting hoping to land Accounts Receivable or Bookkeeping job so add another $15,000 or so for the entire thing.
I'm not happy with the amount of money I owe, but I'm a very frugal person. I'm already used to only living on one salary, so when I graduate and get a job I'm planning to pour -any- amount of money left over after all the bills are paid straight into paying back the loan company.
If I did my math right, I'd be able to pay off all my loans in 4 years max..... provided I don't have kids yet LOL
I had none. I was very fortunate that my parents paid my tuition for my four years.
My wife did have about $20,000 in debt, though. We paid the payments for several years when we were first married, then realized the balance was barely going down. Realized we were on the good old "30 year repayment plan." We said "**********" and started chucking big lump sums at it. Got it paid off in about a year after that.
Student loans are a horrible thing. I intend to never allow any of our children to get into any student loan debt if I can possibly help it.
I'm 59 years old and I am amazed at what it takes for kids to go to college. I have 3 kids that I've paid for well over 1/2 of their college (tuition, books, living). All left undergrad with around $ 20,000 debt. I did not help the older 2 as they went on for a doctorate and a masters. My daughter's doctorate was $ 25,000 a year just for tuition. Though I helped her with all her living expenses, she graduated with total debt of over $ 90,000. Ouch!! At over 6% interest this will take her well over a decade to pay off.
Here's something I don't understand. When I graduated from college in 1977 the subsidized loan I had was locked in at 4%. Interest rates at that time were through the roof. My first mortgage in 1978 had an interest rate of 12 3/4%. Now, you get financing for your home at less than 4%, but subsidized student loans are over 6 1/2%. What's going on? I think there's actually a push by our government to intentionally strap our young people with debt that they can never dig out. I hate being a conspiracy theorist, but something about how things are now reversed makes one go hmmmmmm. Already in just the last 6 years I've read that the average wages for those in their 20's has dropped from $ 33,000 to $ 30,000. How can you pay this off and still pay for rent and other living expenses.
Here's an article that is a MUST read on what is really going on with the student loan scheme:
Of course it is none other than major banks behind the reason for skyrocketing student loan debt and tuitions, once banks figured out how to package up and sell derivatives on student loans, they couldn't get enough. It's essentially a risk free investment to that makes billions off of soaking our youth with debt.
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