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TheOcean 
Florida State Fan
FL
Member since Aug 2004
23987 posts
| Another student loan question (Posted on 12/29/12 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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Teddy Ruxpin 
LSU Fan
New Orleans, LA
Member since Oct 2006
12570 posts
| re: Another student loan question (Posted on 12/29/12 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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TheOcean
Florida State Fan
FL
Member since Aug 2004
23987 posts
| re: Another student loan question (Posted on 12/29/12 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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The Cable Guy 
Iowa State Fan
Baton Rouge
Member since Aug 2004
9366 posts
| re: Another student loan question (Posted on 12/29/12 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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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
48169 posts
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| re: Another student loan question (Posted on 12/29/12 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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TheOcean
Florida State Fan
FL
Member since Aug 2004
23987 posts
| re: Another student loan question (Posted on 12/29/12 at 1:07 pm to Golfer)
are you already making payments?
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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
12570 posts
| re: Another student loan question (Posted on 12/29/12 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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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
48169 posts
Online
| re: Another student loan question (Posted on 12/29/12 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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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
12570 posts
| re: Another student loan question (Posted on 12/29/12 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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boosiebadazz
Member since Feb 2008
36680 posts
| re: Another student loan question (Posted on 12/29/12 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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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
12570 posts
| re: Another student loan question (Posted on 12/29/12 at 6:31 pm to boosiebadazz)
It was terrible!
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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
48169 posts
Online
| re: Another student loan question (Posted on 12/29/12 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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The Cable Guy
Iowa State Fan
Baton Rouge
Member since Aug 2004
9366 posts
| re: Another student loan question (Posted on 12/29/12 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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Joshjrn
LSU Fan
Baton Rouge
Member since Dec 2008
4295 posts
| re: Another student loan question (Posted on 12/29/12 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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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
17511 posts
Online
| re: Another student loan question (Posted on 12/29/12 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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CamdenTiger
Member since Aug 2009
23167 posts
Online
| re: Another student loan question (Posted on 12/29/12 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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jso0003 
Auburn Fan
Birmingham/Atlanta
Member since Jun 2009
4469 posts
| re: Another student loan question (Posted on 12/29/12 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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CamdenTiger
Member since Aug 2009
23167 posts
Online
| re: Another student loan question (Posted on 12/29/12 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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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
17511 posts
Online
| re: Another student loan question (Posted on 12/29/12 at 10:12 pm to CamdenTiger)
That's pretty common for doctors.
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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
12570 posts
| re: Another student loan question (Posted on 12/29/12 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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