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Old 03-14-2010, 04:23 PM
 
Location: Middle America
37,409 posts, read 53,277,853 times
Reputation: 53066

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The total amount I borrowed for four years at a private liberal arts college totalled less than the average car loan.
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Old 03-14-2010, 05:07 PM
 
Location: Camberville
15,789 posts, read 21,299,275 times
Reputation: 28003
Currently none- will graduate from my 50K a year school debt free thanks to scholarships.

On the other hand, very few schools offer graduate programs in my field. Most are 2 year long programs at private schools which require travel and don't offer much in terms of funding. If I was to pursue that route (and I'm going to wait as long as possible although my career options are limited without a masters), it would easily be 75K in loans for 2 years. :\

For the time being, I'm also floating the idea of getting a masters in geology/hydrology. I will be taking math and science prereqs as I can afford them from community colleges (which would help with my masters regardless) and then might eventually spent a year doing higher level geology courses at a university. I have spoken with several MS level geology departments which have encouraged this route as a person with a social science background. The pre-reqs would be a lot of loans (although probably under 15K) but I would get a masters where I could get funding to do so.
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Old 03-16-2010, 07:15 AM
 
5,938 posts, read 4,672,271 times
Reputation: 4630
My wife and I have about 100K in student loan debt. And that's with my paying down my share for the last 6 years. Its like having a second mortgage, except without the income from the rental property. I don't know if I'd call us lucky or not (I like to think we are), but we mail off about 25% of our take-home pay to the mortgage...err... student loan company.

We didn't even go to a "really expensive" school either.

What irks me the most is that US tax code does not let us write off this student loan interest. We used to be able to write off $2500 in interest each. But, when we got married, it became $2500 between us. And then, our incomes are supposedly too high to be able to even write off the full $2500. I don't know what the exact number is, but we can only deduct like $650 or something like that.

It really steams me that I do have to send 25% of our takehome pay to pay these loans, but the US tax code feels that we don't qualify to deduct that interest from our taxes. I hope by the time my kid(s) are ready to go to school, my attitude towards college changes. I feel like telling my kid to go to a state school so at least they will not be hamstringed by huge college loans.
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Old 03-16-2010, 06:48 PM
 
Location: Saint Louis, MO
1,912 posts, read 4,668,207 times
Reputation: 918
Quote:
Originally Posted by dspguy View Post
What irks me the most is that US tax code does not let us write off this student loan interest. We used to be able to write off $2500 in interest each. But, when we got married, it became $2500 between us. And then, our incomes are supposedly too high to be able to even write off the full $2500. I don't know what the exact number is, but we can only deduct like $650 or something like that.
Drives me crazy too. It starts getting phased out at $60k, and is eliminated at $75k for singles. Just seems really low, plenty of people hit that just a few years out of school, especially in high COL areas. Not to mention, those with the highest levels of debt tend to be people with MD/JD/MBA degrees that make more than $75k. Not very helpful.
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Old 03-17-2010, 07:43 PM
 
380 posts, read 958,580 times
Reputation: 237
I will luckily not have any debt but will graduate from a private-no name school in the metropolitan area of Miami. The silver lining is no debt But my only worth will be what I learn from an internship I'm beginning soon.
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Old 03-17-2010, 08:11 PM
 
Location: Northern Virginia
4,489 posts, read 10,903,429 times
Reputation: 3697
I was very blessed to have graduated with no loans. My parents had saved x amount of money for me, and I graduated extra fast (2.5 years) so that it didn't run out. There was no sense in drawing it out and paying for it.

My husband graduated with about $20k in loans. We are almost 3 years out of college, and they're all but paid off. I wanted all loans paid off before we buy a house, so we paid for them pretty aggressively.

Now I'm in grad school, but I picked a very affordable program and am paying as I go. It's a weekend program, so I can continue to work full time while in school.
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Old 03-18-2010, 04:12 AM
 
Location: USA
3,966 posts, read 10,661,485 times
Reputation: 2225
Quote:
Originally Posted by sablebaby View Post
Mine: $100k
sable ... what the hell! I want to get into nanotechnology and I unfortunately see that
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Old 03-18-2010, 09:28 AM
 
Location: Gilbert, AZ
1,384 posts, read 4,281,172 times
Reputation: 1037
I'm going for my masters degree right now. I am currently at $30,000 in student loans, plus I will probably take out approximately $5000 to $10,000 more for my last semester (this fall).
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Old 03-19-2010, 08:15 PM
 
Location: Wisconsin
677 posts, read 1,615,118 times
Reputation: 633
I owe about $10K right now. And due to some really really stupid decisions that I've made over the past couple of years...I'm still considered a freshman. I've been very lucky and have gotten grants to help with some of the cost. I work while I'm in school and am hoping to take out significantly less in loans the rest of the time that I'm in school. I'm selling my car so I can put the money I spend on car payments, insurance, gas, etc toward either housing or tuition.
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Old 03-20-2010, 05:53 PM
 
5,697 posts, read 19,077,838 times
Reputation: 8694
Quote:
Originally Posted by Woof Woof Woof! View Post
My guess is that those with huge student loan debts aren't even going to post the numbers here!
lol. ya who wants hear "OMG..YOU OWE THAT MUCH!"
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