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re: College Loans
Posted on 7/24/12 at 9:54 am to jimbeam
Posted on 7/24/12 at 9:54 am to jimbeam
Took out $18K for grad school for a one year MS in accounting....monthly payment just under $150/month. Borrowed because it was the fall Katrina hit and I figured better be safe and get the max if I need it. Used the cash to buy a car when mine went out.
Did auto draft from my bank account for a 0.25% interest rate deduction and after 3 years of prompt payments got another 0.25% rate reduction. Paying 3.5% interest and don't qualify for Obama's programs to help with student debt. Will be paid off in early 2020.
Making too much $$$$ this year to deduct it on my taxes
Did auto draft from my bank account for a 0.25% interest rate deduction and after 3 years of prompt payments got another 0.25% rate reduction. Paying 3.5% interest and don't qualify for Obama's programs to help with student debt. Will be paid off in early 2020.
Making too much $$$$ this year to deduct it on my taxes
2
Posted on 7/24/12 at 10:24 am to Golfer
That's not too bad. My wife has Med School Loans which are somewhere in the neighborhood of $175K, and I'll have roughly $48k after I finish my MBA. If things work out accordingly, we should be bringing in more than enough to handle that after the next five years. :fingerscrossed:
I would give anything not to have student loan debt.
I would give anything not to have student loan debt.
Posted on 7/24/12 at 11:22 am to meldawg399
quote:
Will be paid off in early 2020.
Damn.
Maybe the Army isn't so bad after all.
Posted on 7/24/12 at 11:56 am to LSUTigers00884
quote:
Work hard. Get 2-3 jobs and nap in between. Worth not having loans.
I did it without loans. It will make you look at people with loans and be glad you put in the hard work. I'm 3 years out of undergrad and I have so many friends drowning in student loan debt (not even mentioning credit cards). They will not be able to buy a home or save for retirement until they are in their 30's. Endure a little pain and don't take out loans it's very well worth it.
Posted on 7/24/12 at 12:07 pm to meldawg399
quote:
. Used the cash to buy a car when mine went out.
This is what is wrong with fricking student loans. You shouldn't be able to buy a car with student loans.
This post was edited on 7/24/12 at 12:08 pm
Posted on 7/24/12 at 1:15 pm to barry
quote:
You shouldn't be able to buy a car with student loans.
Meh.
What's the difference between taking out 12k to buy a car while paying your student expenses in full and financing all of your student expenses while using cash to pay for a car?
The collateral for the loan company is the same. It doesn't matter if they use the money to buy beer and blow IMO.
Posted on 7/24/12 at 2:00 pm to jimbeam
Tops for my undergrad at LSU. I worked to support myself and my parents paid the fees each semester.
Got my MBA for free as a graduate assistant. Had to work for the school's athletic dept. Got free tutition, a monthly stipend and free apartment that I had to share with three other guys. The only catch is that I had to go school I would have never considered otherwise. I didn't make the connections I might have otherwise (that's really what your MBA is about IMO) and it probably restrained my earning for the first three years. I catching up now though and never had to pay back a loan.
Got my MBA for free as a graduate assistant. Had to work for the school's athletic dept. Got free tutition, a monthly stipend and free apartment that I had to share with three other guys. The only catch is that I had to go school I would have never considered otherwise. I didn't make the connections I might have otherwise (that's really what your MBA is about IMO) and it probably restrained my earning for the first three years. I catching up now though and never had to pay back a loan.
Posted on 7/24/12 at 2:13 pm to TheHiddenFlask
quote:
I did. However, my parents always paid my rent and car insurance, which was a big help.
This was my situation as well. I worked offshore for a few summers and had a couple of well paid internships though so I only had to take out about 7k.Consolidate if you have a large variety of loans such as Sallie Mae and Stafford but I wouldn'tadvise it if it's a certain kind.
Posted on 7/24/12 at 2:24 pm to barry
quote:
You shouldn't be able to buy a car with student loans.
By that logic, you shouldn't be able to use student loans for room & board either.
Outside of tuition, Delta Airlines is the largest single recipient of our student loans.
Posted on 7/24/12 at 2:33 pm to TheHiddenFlask
quote:
It doesn't matter if they use the money to buy beer and blow IMO
How did you find out what I used my student loan money for?
Posted on 7/24/12 at 2:37 pm to GeauxColonels
quote:
How did you find out what I used my student loan money for?
The new 5 star recruit told me.
Posted on 7/24/12 at 2:50 pm to TheHiddenFlask
Posted on 7/24/12 at 3:35 pm to mule74
quote:
it probably restrained my earning for the first three years. I catching up now though and never had to pay back a loan.
Better than paying on shite for 20 or 30 years like some people imo.
Posted on 7/24/12 at 3:41 pm to jimbeam
My wife and I both made it through undergrad without any debt. She is getting her Masters with no debt (employer paying), but I'm paying for mine. $25k in debt (private loan 3% interest) for 4 degrees isn't too bad.
Posted on 7/24/12 at 3:59 pm to TheWiz
quote:
That's not too bad. My wife has Med School Loans which are somewhere in the neighborhood of $175K, and I'll have roughly $48k after I finish my MBA. If things work out accordingly, we should be bringing in more than enough to handle that after the next five years. :fingerscrossed:
I would give anything not to have student loan debt.
I have about $12K left in loans for grad school. I have none for undergrad (scholarships, jobs, and parental assistance). Not much debt, but I still hate it. I wanted to postpone grad school for another year so I can possibly do it without loans, but God apparently laughed at my plans while the economy tanked.
My fiancee will have about $50K from undergrad (only about half are subsidized) and is gunning for med school. It scares the crap out of me to think about what she will owe when it is all said and done...and it looks like she has a great shot at getting in.
I'm not able to save nearly as much as I wanted now. We'll be married by the time she starts med school, and I'm more than a little worried about supporting both of us for 4 years. I definately won't be saving very much, if anything, beyond retirement.
This post was edited on 7/24/12 at 4:09 pm
Posted on 7/24/12 at 4:05 pm to dewster
Hope scholarship covered all my tuition.
Combo of myself/parents covered books, housing, fees, etc.
Came out with $0 debt.
I would not have kept Hope had I started college now, the requirements are much more difficult,
Combo of myself/parents covered books, housing, fees, etc.
Came out with $0 debt.
I would not have kept Hope had I started college now, the requirements are much more difficult,
Posted on 7/24/12 at 4:05 pm to dewster
quote:
My fiancee will have about $50K from undergrad (only about half are subsidized) and is gunning for med school. It scares the crap out of me to think about what she will owe when it is all said and done.
Stick it out and it will be worth it. Unless some other MD starts knocking the bottom out of it.
Have a friend of my that got accepted into dental school. It's a private school (only one he was accepted to, others have limits on how many they accept from Arkansas so it's his only option) and he's looking at a minimum of 380k in student loans for everything.
Posted on 7/24/12 at 4:14 pm to wegotdatwood
quote:
and he's looking at a minimum of 380k in student loans for everything.
Ho-lee frick
Posted on 7/24/12 at 4:20 pm to Golfer
quote:
and he's looking at a minimum of 380k in student loans for everything.
Ho-lee frick
That school/fees,cost of living, books supplies...everything.
He screwed up getting his undergrad in Arkansas. UAMS doesn't have that many slots since everyone in Arkansas applies there. Surrounding schools (Memphis, Missouri etc only take 2 to 12 applicants from Arkansas each year.)
Only choice he had/has was a private school in Arizona.
Posted on 7/24/12 at 4:32 pm to wegotdatwood
quote:
Surrounding schools (Memphis, Missouri etc only take 2 to 12 applicants from Arkansas each year.)
Memphis and Kansas City take a shite ton of arky people to dental school. LSU takes 5-7 a year. 380 is pretty bad. I think LSU dental is somewhere b/w 200-250 FWIW. I hope this private school you speak of isnt Meharry.
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