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Just out of curiosity, how much do you stress about student loans? I have extended family who have no concept of what student loans are, who stress out more about my student loans than I ever do or more than I ever have. Yes, the loans are annoying and I do get irritated at times that I will be paying them off until I'm 42, but with the alternative not going to college, it seems a fair trade. To me, paying off student loans is just something I budget for, like insurance. I don't stress about it at all. What are some of your attitudes about this?
Just out of curiosity, how much do you stress about student loans? I have extended family who have no concept of what student loans are, who stress out more about my student loans than I ever do or more than I ever have. Yes, the loans are annoying and I do get irritated at times that I will be paying them off until I'm 42, but with the alternative not going to college, it seems a fair trade. To me, paying off student loans is just something I budget for, like insurance. I don't stress about it at all. What are some of your attitudes about this?
Student loans are a huge source of stress in my life. They have had a bigger negative impact than I ever could have imagined back when I was thinking more like you. I didn't really understand how fast they can grow - the rate is astronomical. I now owe almost twice what I borrowed in spite of having paid back half the amount I originally borrowed. If you end up unemployed or unable to work for a time, you undo all the progress you've made and the loan just goes back up while you can't pay it. I'm in my 40's with no retirement funds at all and just barely able to make the interest payments. I try not to think about what will happen to me when I'm too old to work. It's not just a source of stress, it's depressing.
A bit of a burden, but not enough to really scare me. I have around $3000 to pay back for my four year degree and I graduated in May of 2011. I have a good job, and of course want to save for the future, but my interest is so low and I foresee myself paying it off in one big chunk once I get through 2012 tax season.
I can imagine that those who aren't so lucky to find work that pays the bills (and I'm not saying this in the tone that I'm the luckiest thing in the world) because my loan payment right now is about $100/month. I can afford this, but I know it's a sizable chunk for people who are struggling to find work and pay rent/feed themselves.
I think it's good that people are, in a way, realizing how devastating the loans can be. Hopefully future generations will see and not make the same decisions. If I have children, they're going to state schools and working to pay their other bills, just like I did. It just doesn't seem worth it.
My boyfriend has around 80K in loans (he just graduated with his masters), but he is living at home for a few years to pay it off until we can finally move in together. I can't imagine that level of debt. Just thankful he has parents who will let him live with them free of charge!
My loan payment is smaller than any other bill that I have, it is deducted automatically so that I don't even think about it, I just automatically mentally factor it in and adjust for it, and I've had more return on what it purchased as an investment than any other expenditure I've ever made. Having a student loan has never negatively impacted my life. Most people I know owe more on cars they will temporarily have than what I borrowed for a four-year degree that makes it possible for me to be eligible to do the type of work I do. Perspective is everything.
A bit of a burden, but not enough to really scare me. I have around $3000 to pay back for my four year degree and I graduated in May of 2011. I have a good job, and of course want to save for the future, but my interest is so low and I foresee myself paying it off in one big chunk once I get through 2012 tax season.
I can imagine that those who aren't so lucky to find work that pays the bills (and I'm not saying this in the tone that I'm the luckiest thing in the world) because my loan payment right now is about $100/month. I can afford this, but I know it's a sizable chunk for people who are struggling to find work and pay rent/feed themselves.
I think it's good that people are, in a way, realizing how devastating the loans can be. Hopefully future generations will see and not make the same decisions. If I have children, they're going to state schools and working to pay their other bills, just like I did. It just doesn't seem worth it.
My boyfriend has around 80K in loans (he just graduated with his masters), but he is living at home for a few years to pay it off until we can finally move in together. I can't imagine that level of debt. Just thankful he has parents who will let him live with them free of charge!
You'll need to start up one hell of a savings account to pay for your kids' college if you plan on them not taking out loans at all. I went to college full-time and worked part-time and there was no way I would have been able to pay my bills without student loans. Tuition was a big expense but the bigger expenses in college were living expenses (even while living in the dorms) and the nickel and dime fees you got from the university. I think it's a safe bet to say that the days of working and paying for school as you go or having a summer job that will take care of your college expenses are a thing of the past. Graduating from college debt-free is not a realistic goal for the majority of the population.
Marie5v, sorry to hear about your current situation. Is there a way for you to consolidate your loans? I did that when I graduated and it has kept my payments manageable. I'm no financial genius, but it could be something to look into.
TabulaRasa, my student loan payments are my second-smallest bill every month. It's the same for me. I just have it automatically deducted and I always count on that amount being gone on the 15th of every month.
I don't stress at all......don't have one, never did. My wife and I worked full time and simply paid the tuition on a per semester basis. I would sometimes charge it on a credit card and simply pay it off before the semester ended.....A little high interest short term debt was far better than low interest long term. My wife attended a state university and I attended a private university.
My #1 goal with my children's education would be to get them through undergraduate with ZERO student loans. You cannot start life (age 22-24) owing 100-200K in debt to be repaid over the next 30 years and expect to have the same level of success as someone who starts with zero debt (post education). Now if you become a Dr or other highly paid professional then the debt is less of a concern but for an English major or Political Science major you are in trouble with that kind of debt.
Student loans are not dischargeable even in bankruptcy.....You are a life long slave to the debt.
My loan payment is smaller than any other bill that I have, it is deducted automatically so that I don't even think about it, I just automatically mentally factor it in and adjust for it, and I've had more return on what it purchased as an investment than any other expenditure I've ever made. Having a student loan has never negatively impacted my life. Most people I know owe more on cars they will temporarily have than what I borrowed for a four-year degree that makes it possible for me to be eligible to do the type of work I do. Perspective is everything.
Good point but the concern is when your debt is higher than your first house and your income isn't relative to the debt. You can sell the car (to cut back) and cancel the debt but if your education is in the wrong field then you are still stuck with the debt.
I have an employee that owes 19K, payback is $138 a month over 30 years.......$49,680! Worst part is he only needed about 1/2 of what he borrowed, he took 100% of what was available so he could "jazz up" his lifestyle senior year. Best part is the job interviews he is going on are paying $10-12 an hour, so his current "going to college" job pays 60% more than his post college job offers......
I don't stress at all......don't have one, never did. My wife and I worked full time and simply paid the tuition on a per semester basis. I would sometimes charge it on a credit card and simply pay it off before the semester ended.....A little high interest short term debt was far better than low interest long term. My wife attended a state university and I attended a private university.
My #1 goal with my children's education would be to get them through undergraduate with ZERO student loans. You cannot start life (age 22-24) owing 100-200K in debt to be repaid over the next 30 years and expect to have the same level of success as someone who starts with zero debt (post education). Now if you become a Dr or other highly paid professional then the debt is less of a concern but for an English major or Political Science major you are in trouble with that kind of debt.
Student loans are not dischargeable even in bankruptcy.....You are a life long slave to the debt.
100-200k is not the typical student loan debt. That's the amount medical and law students pay off, not most bachelor's degree students. Let's not exaggerate. Also, how long ago was it that you and your wife went to school? Did you go to school full-time? And yes, you can start out with debt. Most of the population starts out with debt, but not the number you have written.
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