How much do you owe in student loans?

Depressing Thread wrote:

This thread is depressing. I'm 51 don't have any loans. My parents paid for my education. I took out some loans when I got my MBA but paid that back quickly (also had tuition reimbursement through work). My wife has around $9K at a low interest rate (3%, I htink). We pay about $100/month on that.

I really hope I can pay a decent chunk of tuition cost for my kids (11 an 14) and not leave them with massive debt. I like the idea of them have some skin in the game so don't want them to have absolutely zero loans (my wife disagrees).

Same here. Very depressing thread to read.

My parents paid for my brother and me to go to college, undergrad only. They paid for tuition, dorms, meals, fees, books. But I had earned academic scholarships so I went to a strong private school for less than it cost my brother to go to the big state school in state. I was grateful my parents provided and made good grades and double majored.

For grad school, I got more scholarships and my wife's job covered the rest with no loans. So grateful to live debt free.

But I now pass that on to our 3 kids. Two have graduated and one is about to. The older two did outstanding in school, one landed her dream job after graduation. The other is changing career paths and working on a second degree, at her own expense. She found the least expensive solid program with a good reputation because in her field, the name of the school won't make a huge difference in her income.

For the HSers reading this thread, avoid debt in every way possible. It's a slave master you don't want to serve. If you have to take on some debt, try to find ways to keep it to a minimum.

And for the young parents reading this thread, start saving and investing towards your kids' college, instead of wasting money on new cars and other depreciating expenses. Help launch your kids debt-free. You want to see your kids thrive in life with their jobs on their own.

In the end, it's kinda a shiddy system if thriving in life is dependent on how much money your parents saved when you were 6 years old.

Keep electing Republicans and they'll keep cutting taxes, leaving nothing left for state universities. Whatever money is lost due to less funding will be made up increasing tuition on your precious children. Enjoy!

Unwisechoices wrote:

I am interested in knowing how many people chose private or out-of-state public schools over in state public schools, or did you or your family attempt to save *anything* prior to college. I get that grad programs can be expensive, but I have come across so many examples that would fit in the thread "Why do somewhat poor people send their kids to private or out-of-state colleges?"

Very top schools provide career opportunities that are much more difficult, though not impossible, to achieve out of less stellar programs. If you surveyed the millennials making 300k-1 million a year I bet over half have a degree from one of 15-20 schools in the country, which probably comprise 1-2% of the total institutions of higher education, maybe less. There is a pipeline to the highest paying/most prestigious jobs that is very hard to access otherwise. For some people that’s not worth it, as they might pay more to go to a top school and have no interest in one of those careers (or fail to get their foot in the door regardless), but for many people the opportunities are worth the additional cost.

I have studied for 7 years and have around 50 000 dollars

I was very lucky in that I only paid £500 per year for my degree.

track chick wrote:

I was very lucky in that I only paid £500 per year for my degree.

why do you hate Freedom?

Err... what?

I have ZERO in student loans, I paid them off $14k within a year of graduating with an accounting degree. Felt so good to get them out of my life so I can save for a house and start funding my retirement. They really need to revamp the college system. It’s worthless for 50% of people and they get in debt for no reason. Make college reasonably priced and quit giving huge loans to 18 year olds!

if only there were another way wrote:

In the end, it's kinda a shiddy system if thriving in life is dependent on how much money your parents saved when you were 6 years old.

You can always blame the system and your parents. Or work hard and try to make the best of the hand you're dealt. Your choice.

FinnJ wrote:

I have studied for 7 years and have around 50 000 dollars

My wife and I had about 70k total debt after grad school.

We lived frugally and paid it off in about 4 years. Drive crappy cars for a while, each mac and cheese, make your own coffee, pay aggressively on the loans. Don't just pay the minimums, you'll never get out from under them.

We have no debt now besides a mortgage. It can be done.

You knew the price , pay up ... maybe don’t run so much and actually work your ass off ... expecting letsrun to pay for your life and your lifestyle and decision. Weak minded weak asz liberals.. mail it in.

Never had a student loan.

How much of people’s “student” loans were for housing?

same here wrote:

if only there were another way wrote:

In the end, it's kinda a shiddy system if thriving in life is dependent on how much money your parents saved when you were 6 years old.

You can always blame the system and your parents. Or work hard and try to make the best of the hand you're dealt. Your choice.

Huh?

Does illustrating that the system is broken somehow preclude me from working hard and making the best of the hand I've been dealt?

It's like I just walked 42 miles back into town because the bus broke down, said "Hey, the bus is broken," and the response is "Well you can blame the bus or start hoofin' it! "...But ...I............am...not.....askinging...for ....a ride.

I'm in town. I already walked. I'm saying that walking sucked and that it's probably a good idea to fix the bus so everyone in the future doesn't have to also waste all that time walking 42 miles into town. There's probably a better way.

America seems uniquely proud of all the ways it is broken.

"If you REALLY wanted to get to town you'd WALK!!"

X-Runner wrote:

Never had a student loan.

How much of people’s “student” loans were for housing?

So where exactly do you think "students" live?

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I know some one who owes over 390k , double bachelors and law degree. They pay $57 a month because they defaulted for 8 o r9 months straight and got some kind of lawyer to help restructure. I think that's the way to go .

They are late on rent sometimes, but still go to exotic places frequently, maybe on Credit Cards that will get restructured another day. Suckers save.

Good job!