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Thread: Student Loans:

  1. #1
    Cyburbian jread's avatar
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    Student Loans:

    How much have you racked up? How much do you pay per month? How long do you have to pay it off?

    Trying to get an idea on this because I'm financing school with Stafford loans (subsidized and un-subsidized) and want to know what to expect when I'm done. It's a private school and tuition is.... well, not cheap. I don't even wanna know what I've borrowed so far

    Also, if you go straight to graduate school, do you have to start paying back your undergraduate loans or do they all roll into the graduate loans?

    I hope I get some of those scholarships I've applied for :eek:
    "I don't suffer from insanity... I enjoy every single minute of it!"

  2. #2
    Cyburbian mike gurnee's avatar
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    Full time student in an accredited program does not have to pay undergrad loans. Un-subsidized loans build up interest, so it is beneficial if you can pay at least the interest on those suckers.

  3. #3
    Cyburbian jread's avatar
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    Quote Originally posted by mike gurnee
    Un-subsidized loans build up interest, so it is beneficial if you can pay at least the interest on those suckers.
    See, I didn't realize that until recently. It's just been building up over the past year. I need to figure out how I can start paying that down.
    "I don't suffer from insanity... I enjoy every single minute of it!"

  4. #4
    Unfrozen Caveman Planner mendelman's avatar
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    My wife and I owe, collectively, about $85,000. The majority, right now, is my wife's (private Law School), and then there is the balance is mine.

    Once my wife's 6 month grace period is over we will have to shell out about $500/month.

    Luckily, neither of us had debt from undergrad, and mine would have been about half, if I hadn't slightly misspent it.
    I'm sorry. Is my bias showing?

    The ends can justify the means.

  5. #5
         
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    My debt is about 42K , a lot of that is due to interest on the un-subsidized loan. The cost of schooling wasn't near that amount. Anyway, I pay $265 a month..it just went up, I was paying $150...the increase may hurt a little

  6. #6
    Cyburbian
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    I was lucky, only had to get loans for a year of school. I had racked up about $7000, only owe about 3100 and my payment is $60.

  7. #7
    Cyburbian Richmond Jake's avatar
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    Zero. Zero.
    Annoyingly insensitive

  8. #8
    Cyburbian time+space's avatar
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    ahh...loans

    I had about 10K (Federal loans) from undergrad left when I enrolled in grad school. You are eligible to defer Fed loans while in school as long as you are enrolled at least half-time (probably should check this info with your lender). As a grad student you can borrow up to 18.5K in Federal loans. I deferred my undergrad loans when I entered grad school and also took out the max in Federal loans and had supplemental private loans as well. (Tuition was close to 1k per credit...Art school...[sigh] )

    Since I graduated this year, I consolidated all of my loans to lock in a lower interest rate. Still, for me to pay off all of my loans in <20 years, I'd have to pay at least $500/month

    Something to consider...
    From what I understand you can write-off certain educational expenditures on your taxes (i.e. tuition, supplies, etc) and also be able to write off interest payments including the loan origination fee. I'm no tax expert so if you'd like some light weekend reading, you should consult IRS Publication 970 (2004) [it's online] for more info .

    Hope this helped a bit

  9. #9
    Cyburbian Zoning Goddess's avatar
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    I guess I was lucky. My parents paid for undergrad, and my employer for graduate school.

  10. #10
    Cyburbian donk's avatar
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    When I got out of school 10 years ago I owed about $12 000. 110 easy payments later and I will be free of student loan debt December 1st. My monthly payment has always been around $150 or so. My loans where a combo of provincial and federal guaranteed loans.
    Too lazy to beat myself up for being to lazy to beat myself up for being too lazy to... well you get the point....

  11. #11
    Cyburbian chukky's avatar
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    well I'm still busy racking mine up... but I think they'll hit something like 35 grand by the time I'm all done getting a degree.

    (double take)

    35 GRAND?

    Chukky, off to drop out of uni and save himself a packet.

  12. #12
    Cyburbian donk's avatar
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    Just to gloat a bit, today is the last day I have a student loan, my final payment comes out tomorrow. Then I can start my saving program for my next degree/new life and pay down some other debt.
    Too lazy to beat myself up for being to lazy to beat myself up for being too lazy to... well you get the point....

  13. #13
    Forums Administrator & Gallery Moderator NHPlanner's avatar
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    Due to some financial "issues" with the ex-wife, I'm a still have more left to pay than I'd like....down to about $8K left (at peak had $14K in loans, was lucky enough to have a half tuition scholarship for most of my tenure at BSU).

    Also am fortunate to be in the Direct Loan program....meaning all of my dealings are directly with the Department of Education.....much easier to manage and administer that way IMO.
    "Growth is inevitable and desirable, but destruction of community character is not. The question is not whether your part of the world is going to change. The question is how." -- Edward T. McMahon, The Conservation Fund

  14. #14
    Cyburbian michaelskis's avatar
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    I owe about 20K still. It was in the mid 20's and all from undergrad. None from grad school.
    If you're not growing, you're dying. - Lou Holtz

  15. #15
    Cyburbian Tide's avatar
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    Undergrad and grad = 24,000

    Monthly payment $256

    Only 8 more years to go...

    Tip: consolidate soon because rates should be climbing in the near future, try to lock into something under 3%.

  16. #16
    Cyburbian abrowne's avatar
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    Well, I've got 2 years of planning education under my belt and the loans to show for it (if not anything I could not have learned on my own). I'm switching into Arch which is another 5 years of undergraduate and another 2 of graduate. Whatever my loans are at the moment they are not set to go away any time soon.

  17. #17
    Cyburbian btrage's avatar
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    My wife and I have about $50,000 combined and we both have graduate degrees. We're still both in our grace/deferrment periods so I havn't figure out payments yet.
    "I'm very important. I have many leather-bound books and my apartment smells of rich mahogany"

  18. #18
    Cyburbian GISgal's avatar
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    $30,000 on a 30 year repayment plan at $135 a month. At 3% interest. When I have caught up with the credit card debt that I half inherited from the hubby and my own I will be switching payment plans to increase the amount going towards it.
    I am not discouraged, because every wrong attempt discarded is another step forward. - Thomas Edison

  19. #19
    Cyburbian PlannerByDay's avatar
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    Graduated in 1998 after 5 years of public university school with about $24,000 in loans.
    Current payment is $204.
    I have made a few large payments, my current balance is around $8,000.
    Should be paid off by Spring 2006 with a couple more larger payments.

  20. #20
    Cyburbian Plus PlannerGirl's avatar
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    I was just shy of 22 grand for undergrad I think, i was paying $295 a month then consolidation came along and now Im down to $103 a month with like 13 grand or so left
    "They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." Ben Franklin

    Remember this motto to live by: "Life should NOT be a journey to the grave with the intention of arriving safely in an attractive well preserved body, but rather to skid in sideways, chocolate in one hand, martini in the other, body thoroughly used up, totally worn out and screaming 'WOO- HOO what a ride!'"

  21. #21
    Cyburbian DetroitPlanner's avatar
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    I racked up about $800 in student loans and had them all paid off before I got a full-time job (about 4 months). I grew up poor so I was living at home and paying for classes as I was able to make the money to do so. Every semester the number of classes I took would relate directly to the mount I could have saved from numersous jobs. There were times when I would juggle two or three different employers and a dozen credit hours. That was fun.

    I believe that my background made me overly concerned about debt, which has turned out to be not such a bad thing.

  22. #22
    I went to college in the '80's and got most of it done before the Reagan education cuts. When I did have to get loans, they were national direct student loans-loans at way beneath market value. I only had 1 year that I needed market rate loans. I was able to pay them all off in 5-7 years.
    When did I go from Luke Skywalker to Obi-Wan Kenobi?

  23. #23
    Cyburbian urbanchik's avatar
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    I owed about $26K from grad school alone. I had stafford loans, subsidized and unsubsidized. I had to start paying 6 months after I graduated. In the beginning, I paid the minimum which was about $150 (only like $40 went to principal). But as my salary increased, I increased my payments. For the last three years, I have paid $500/month. I was able to do this cuz i dont have a car payment anymore. I am proud to say that my loan will be paid off in May, 2 1/2 years ahead of schedule. YIPPEEEEEE! I was going to celebrate by buying a car (mine has over 170K miles), but it sure would be nice to just save that money or spend it on the house.

    It is really scary to take out loans. I remember being so nervous signing those papers. But it is worth it if you are really dedicated to your education. From my experience and that of my friends, I can say that the first couple years after graduation is rough, but gets easier as time goes on.

    Good luck!
    urbanchik

  24. #24
    Cyburbian Breed's avatar
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    I got off kind of light... received grant money for my undergrad at a public school in North Carolina... one of the cheaper places to get an education.

    I ended up borrowing about $10,000. I am paying about $60 a month until 2011. I graduated in 2001. The numbers don't add up because we consolidated to loans a while back, when I was paying about $110 per month.
    Every time I look at a Yankees hat I see a swastika tilted just a little off kilter.
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