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Message
re: Your stance on student loans?
Posted on 9/15/16 at 7:40 pm to TheOcean
Posted on 9/15/16 at 7:40 pm to TheOcean
quote:
Back in my day I worked all summer flipping burgers to pay for my entire years tuition. Youngsters now a days are just lazy fricks
Good for you. I spent my summers working internships to get the experience required along with the degree I was having to use student loans to pay for so I'd even be considered to be hired when I graduated by people like you that were able to pay for their education flipping said burgers.
Posted on 9/15/16 at 7:40 pm to schwartzy
Currently in pharmacy school. Our tuition is 10k a semester for 4 years. Hopefully I'll get out around 90k after interest probably around 110-115k. I'm ok with it because it'll be less or equal to a years salary. Hopefully I can pay it off in 5-10 years. Thankfully my parents pay for my rent, car insurance, and phone bill. I pay for everything else. If they wouldn't have agreed to help me, I would have did something like engineering or nursing worked for a few years then maybe go back and get a masters or entered in a NP program. I look at it as don't take out more than a years worth of salary. I don't feel bad for people in our class taking out double tuition in loans so they can live in a fancy apartment or have spending money to blow on stupid shite. Only take out what you need
Posted on 9/15/16 at 7:41 pm to schwartzy
I wish I would have taken out more and worked less in school honestly
Posted on 9/15/16 at 7:44 pm to schwartzy
quote:
I'm going to be graduating with a biology degree this May. I considered medical school for a long time, but I recently realized I do not want to be in school until I'm 30+ with a mortgage-sized payment in student loans. That never sunk in till lately. I will likely consider a masters or a professional program that will not take as long to complete. I have heard everything from "Don't let money stop you" to "Go to trade school; never get into debt." In my case, I don't see how I can make a good living without getting into some debt, but it is a very scary feeling. Thoughts?
Chase your dreams.
Don't let debt get in the way because if you get the chance to get that debt you'll be able to pay it off.
Edit: I'm specifically referring to medical school. You sound like me 9 years ago and I couldn't be happier in spite of my debt. If you can work hard doing what you love, then work hard to find what you love. Either way, work hard.
Play hard too on occasion.
This post was edited on 9/15/16 at 7:50 pm
Posted on 9/15/16 at 7:45 pm to schwartzy
(no message)
This post was edited on 1/10/21 at 10:18 pm
Posted on 9/15/16 at 7:46 pm to Lionnation1993
quote:What else is there to pay for?
Thankfully my parents pay for my rent, car insurance, and phone bill. I pay for everything else
Posted on 9/15/16 at 7:46 pm to schwartzy
College is investment that still has a better ROI compared to no college. Loans may hurt now but over the long haul, you will more likely than not come out ahead.
Posted on 9/15/16 at 7:47 pm to jimbeam
Food, electricity, cable, renters insurance, gas, alcohol
Posted on 9/15/16 at 7:49 pm to schwartzy
I gave up some great opportunities to avoid student loans. If you're a 100% the program is what you want in life, then I agree with taking them out. I wasn't completely sure I wanted to be a lawyer, so 200k in debt wasn't such a great idea.
Posted on 9/15/16 at 7:52 pm to schwartzy
Short answer -- it depends.
The program I just left, a majority of us probably have anywhere from 50-200K+ of loans, however, most of us took jobs with starting total comp in the 120-250K+ range. Those making less simply wanted to do something less traditional or are at a startup. We also have a degree from a program that will open doors for us the rest of our lives.
It's all cost benefit analysis and the juice can be worth the squeeze depending on what you are getting your education in, where you are getting it, and what the job opportunities are.
The program I just left, a majority of us probably have anywhere from 50-200K+ of loans, however, most of us took jobs with starting total comp in the 120-250K+ range. Those making less simply wanted to do something less traditional or are at a startup. We also have a degree from a program that will open doors for us the rest of our lives.
It's all cost benefit analysis and the juice can be worth the squeeze depending on what you are getting your education in, where you are getting it, and what the job opportunities are.
Posted on 9/15/16 at 7:57 pm to Scooba
quote:
can you pay off loans in a short amount of time.
Almost every financial planner will tell you this is a bad idea. It's a better idea to pay the minimum, create a savings, plan for retirement, and get house, etc... Paying the max amount as soon as you can is literally throwing money in the toilet
Posted on 9/15/16 at 7:58 pm to schwartzy
If student loans scared you from med school, you didn't have the motivation and ambition to complete it to begin with.
Prolly a wise decision on your part
Prolly a wise decision on your part
Posted on 9/15/16 at 7:58 pm to Breesus
quote:
Paying the max amount as soon as you can is literally throwing money in the toilet
Literally?
Posted on 9/15/16 at 8:02 pm to TIGERSandFROGS
I'll be done with my student loans in a December because I paid them super aggressively to the detriment of my savings. Not sure if it was the wisest move looking back but it'll be a relief to be done with them in December
Posted on 9/15/16 at 8:04 pm to Breesus
quote:
Almost every financial planner will tell you this is a bad idea. It's a better idea to pay the minimum, create a savings, plan for retirement, and get house, etc... Paying the max amount as soon as you can is literally throwing money in the toilet
I understand the desire to get out from under student loan debt.
But, while I don't encourage abandoning caution in taking out loans, federal student loans are extremely easy to deal with. They're flexible in payment timing, repayment plans, etc. Deferrals, if needed, are easily obtained. They just don't feel as oppressive as other debt
Posted on 9/15/16 at 8:06 pm to schwartzy
Go to medical school - specialize in a field then go get paid.
Posted on 9/15/16 at 8:17 pm to schwartzy
One piece of simple advice that a lot of people with student loans seem to never consider is formulating a plan for repayment that minimizes interest accrual but also maximizes long term investing and budgeting. Part of this is making an assessment of your potential loan amount and job prospects before deciding to go to grad school in the first place. If you end up going down the path of grad school and taking loans, you need to again make a realistic assessment of your total loan amount, considering interest, and your potential or lined up job opportunities post-graduation. From there, set some manageable goals for repayment that also takes into account adequate amounts for: (1)investing for retirement; (2) an emergency fund; (3) monthly living expenses; and (4) money for enjoying the things you enjoy in life (part of this is not living champagne life on a beer budget). There is no perfect plan, and your plan will ultimately be affected by interest rates on loans, market conditions, and other factors. Set something that works for you but that keeps you from being frivolous.
Now comes the hard part. Once you formulate your plan, STICK TO IT. Whenever you get paid, go ahead and deduct the amounts you have set aside for loans, living expenses, emergency fund, and investing from your mind. You have to have the mindset that those funds are gone. While this may seem depressing to some extent, it actually can be really calming because you won't be surprised when you realize your bank account isn't at baller status every time you check it. You would be amazed at the level of stress that money can bring people once they get in the real world and how much having a plan and sticking to it can alleviate that stress. Over time, you'll see your loans start to shrink. As a result, you can re-evaluate your repayment plan and financial goals periodically.
Whatever you decide, best of luck bud.
TL; DR - If you take out a bunch of loans, go into repayment with a plan, and STICK TO IT.
Now comes the hard part. Once you formulate your plan, STICK TO IT. Whenever you get paid, go ahead and deduct the amounts you have set aside for loans, living expenses, emergency fund, and investing from your mind. You have to have the mindset that those funds are gone. While this may seem depressing to some extent, it actually can be really calming because you won't be surprised when you realize your bank account isn't at baller status every time you check it. You would be amazed at the level of stress that money can bring people once they get in the real world and how much having a plan and sticking to it can alleviate that stress. Over time, you'll see your loans start to shrink. As a result, you can re-evaluate your repayment plan and financial goals periodically.
Whatever you decide, best of luck bud.
TL; DR - If you take out a bunch of loans, go into repayment with a plan, and STICK TO IT.
This post was edited on 9/15/16 at 8:21 pm
Posted on 9/15/16 at 8:45 pm to schwartzy
If your gpa is good enough, just go to pa school. It's still really hard to get into. You can make six figures in 3 years with not as much debt, especially if you go to public PA school. Student loans suck no matter what. If no kids or wife, you will have more money than you need.
This post was edited on 9/15/16 at 8:56 pm
Posted on 9/15/16 at 8:48 pm to schwartzy
frick the price of school, no reason it should cost what it does
Posted on 9/15/16 at 8:50 pm to TheOcean
quote:
Back in my day I worked all summer flipping burgers to pay for my entire years tuition. Youngsters now a days are just lazy fricks
Hey man. frick you. Yeah let me go flip burgers at McDonald's and try to pay off 20k a year.
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