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Message
re: How much student debt do you have currently?
Posted on 11/13/15 at 8:05 am to gatorguru
Posted on 11/13/15 at 8:05 am to gatorguru
I am the professional that you describe. You know how I treat my loans? Like it's a mortgage payment for a place in Steamboat that I never visit. Where people really get "into trouble" is living like a pauper for the very important 10 years right after school just to pay back their loans in an expedited way. Screw that. I'd rather just pay them back on schedule and live well.
My loans don't cause me much hardship and without them I wouldn't have the income that I do. Maybe I should've lived poorer during school but I enjoyed my 9 years in Baton Rouge and wouldn't change a thing.
My loans don't cause me much hardship and without them I wouldn't have the income that I do. Maybe I should've lived poorer during school but I enjoyed my 9 years in Baton Rouge and wouldn't change a thing.
This post was edited on 11/13/15 at 8:07 am
3
Posted on 11/13/15 at 8:10 am to GaryMyMan
I agree... I look at it the same.
If I hit a big parlay or hit the lottery then yes I'll pay it off in one fell swoop, if not..just give me the lowest payment for me to remain in compliance over this 10 years while I work a job that qualifies for forgiveness after 120 payments.
And if that doesn't work. Just keep me in the lowest payments as possible for the rest of my life. It's a sad reality knowing you can realistically pay off your 30 year mortgage before your student loans. In 30 years the interest wont really knock much of a dent at all into the actual loan itself lol.
And no I haven't read either Sanders or Clinton's plan for student loan debt. I have my own plan which would probably get me student loan free before either of those come to fruition
If I hit a big parlay or hit the lottery then yes I'll pay it off in one fell swoop, if not..just give me the lowest payment for me to remain in compliance over this 10 years while I work a job that qualifies for forgiveness after 120 payments.
And if that doesn't work. Just keep me in the lowest payments as possible for the rest of my life. It's a sad reality knowing you can realistically pay off your 30 year mortgage before your student loans. In 30 years the interest wont really knock much of a dent at all into the actual loan itself lol.
And no I haven't read either Sanders or Clinton's plan for student loan debt. I have my own plan which would probably get me student loan free before either of those come to fruition
Posted on 11/13/15 at 8:13 am to GaryMyMan
quote:
Where people really get "into trouble" is living like a pauper for the very important 10 years right after school just to pay back their loans in an expedited way. Screw that. I'd rather just pay them back on schedule and live well.
We have a family friend whose son was in the mid 200s. Undergraduate degree at the University of Illinois, law school at Case Western Reserve, LLM at NYU.
He got a gig at Skadden, Arps and lived with his parents for close to three years. He said it wasn't that bad. He was pulling in so many long hours at the firm that he was hardly home. He paid that shite off though in the time that he lived with his folks. I admire his resolve to rid the debt, but I would have done things differently. I believe starting pay is around $160,000. Pay half the wage earings to the loans and another to a home/mortgage.
This post was edited on 11/13/15 at 8:17 am
Posted on 11/13/15 at 10:05 am to GaryMyMan
quote:
Like it's a mortgage payment for a place in Steamboat that I never visit.
Yep. In two years our note balloons to about $4500/month. That's our condo on the beach...At least we'll have her med school / my mba student loans paid off by 36'ish. Then we will be bringing in some considerable income.
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