Another student loan question
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Another student loan question
Posted by TheOcean on 12/29 at 9:16 am
What's an acceptable amount of debt for someone to graduate with when you combine undergrad/law school? 80-100k?

I know it's an arbitrary # depending on public/private and job prospects, but what is a solid ball park figure?

Also, is it better to just go through the government or try and get a private loan?


This post was edited on 12/29 at 9:18 am

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Posted by Teddy Ruxpin on 12/29 at 11:53 am to TheOcean
The 80-100k is still an absurd amount, but really it depends on what you reasonably expect to make in income. At about 75k a year I would think 80 to 100 would be manageable without kids and stuff. The government repayment options are way more flexible if you find yourself in need of them as I understand it.

My experience on the subject tells me full 10 year repayment on that amount will be around 1,500 a month give or take.



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Posted by TheOcean on 12/29 at 12:03 pm to Teddy Ruxpin
Yeah, I'm just trying to calculate my upper limit for loans. I want to take out enough to where I can still somewhat enjoy myself for the next couple of years.

I'm thinking a 60k limit and less if I sell my car. Were you able to work your second and third year while going to school?



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Posted by The Cable Guy on 12/29 at 12:17 pm to TheOcean
I had tops for tuition and I still took out loans. I had to pay about 14,500 when I graduated. Undergrad only.


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Posted by Golfer on 12/29 at 12:40 pm to TheOcean
It really depends. Wife will have $125k but I'm working and we can live on my income alone.


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Posted by TheOcean on 12/29 at 1:07 pm to Golfer
are you already making payments?


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Posted by Teddy Ruxpin on 12/29 at 1:15 pm to TheOcean
quote:

Were you able to work your second and third year while going to school?


I actually did work. However, it was to fuel my binge drinking.

quote:

I had to pay about 14,500 when I graduated.


I could have this paid off in < 2 years. The amounts we are talking about are nuts.


This post was edited on 12/29 at 1:16 pm

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Posted by Golfer on 12/29 at 1:21 pm to TheOcean
quote:

are you already making payments?


About $50/mo. I could do a lot more but we didn't want to sacrifice our lifestyle to do so.




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Posted by Teddy Ruxpin on 12/29 at 5:55 pm to Golfer
quote:

About $50/mo. I could do a lot more but we didn't want to sacrifice our lifestyle to do so.


I read some of these stories of people paying off some amount in such and such time by living like homeless people. I try to find a happy medium. I only live once, so I'm not going to sacrifice seeing some sights and what the world has to offer to pay off my debts a few years earlier. For me, the best I'd probably go from is 25 years to 20, so its pretty pointless.



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Posted by boosiebadazz on 12/29 at 6:20 pm to Teddy Ruxpin
what was it like when that realization hit you?

that you'd be paying for 25 years



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Posted by Teddy Ruxpin on 12/29 at 6:31 pm to boosiebadazz
It was terrible!


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Posted by Golfer on 12/29 at 6:47 pm to Teddy Ruxpin
quote:

I read some of these stories of people paying off some amount in such and such time by living like homeless people. I try to find a happy medium. I only live once, so I'm not going to sacrifice seeing some sights and what the world has to offer to pay off my debts a few years earlier. For me, the best I'd probably go from is 25 years to 20, so its pretty pointless.


Well this is while she's still in school. When she's done 100% of her net income will go to paying these off in about 2.5 years



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Posted by The Cable Guy on 12/29 at 7:11 pm to Teddy Ruxpin
quote:

I could have this paid off in < 2 years. The amounts we are talking about are nuts.


Took me 7. I paid minimum payments for several years and one day realized that I made plenty enough to start upping it. So I pushed it to 300 for a while then said hell with it and paid off the last 7k in a span of 3 months this year. Felt great.



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Posted by Joshjrn on 12/29 at 8:24 pm to TheOcean
For heaven's sake, don't get a private loan. Are you mad?

Stick with the Federally backed loans. I don't care what kind of rates you get with private loans, nothing beats the safety of being able to utilize income based repayment plans if things get bad, and defferals/forbearances if things get really, really bad.

I owe $90k and my monthly bill is about $300 on Pay As You Go. I could afford standard repayment, but I prefer to keep my "required" payment low and just voluntarily send extra every month to specific loans I want to pay back more quickly (higher interest rates, etc).

P.S. If you are at LSU, go to France after your first year. Seriously. It doesn't matter how much you have to borrow to go. It's worth it. Based on your location, you probably aren't, but I feel strongly enough about it to take a shot, regardless


This post was edited on 12/29 at 8:26 pm

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Posted by C on 12/29 at 8:27 pm to TheOcean
When I was applying for student loans and I saw the interest I was going to pay, I declined and got a job. I honestly don't know how people can afford such large amounts of debt just starting off. Goodluck to you all.


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Posted by CamdenTiger on 12/29 at 9:07 pm to C
Depends on the job. I had $180,000 when I finished, but my job payed well, and my employer had a debt forgiveness plan. I buckled down everything my first 3 years, and payed it off...


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Posted by jso0003 on 12/29 at 9:18 pm to CamdenTiger
quote:

Depends on the job. I had $180,000 when I finished, but my job payed well, and my employer had a debt forgiveness plan. I buckled down everything my first 3 years, and payed it off...


Holy shite man

What was the employer plan like?



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Posted by CamdenTiger on 12/29 at 10:00 pm to jso0003
I'd work for them, they paid of the loans, and I owed them 36 months and taxes on the loans, as extra income....


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Posted by C on 12/29 at 10:12 pm to CamdenTiger
That's pretty common for doctors.


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Posted by Teddy Ruxpin on 12/29 at 10:29 pm to CamdenTiger
Sign me up for this shite. Maybe I can convince my employer of alternative compensation packages.


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