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Message
re: Student Loans
Posted on 8/26/26 at 7:27 am to chadzthename
Posted on 8/26/26 at 7:27 am to chadzthename
Tech has lowest debt at graduation in Louisiana
0
Posted on 8/26/26 at 7:55 am to chadzthename
I agree with everyone above. Make sure his degree is worthwhile. I took out about $80k for grad school for PT and am about 18 months away from paying it off. I did federal first then refinanced with a private company that had much better rates. Still paying like $850/month with a 3.5% rate. Student loans suck but they can be worth it if the job pays well. I love my job and would do it again if I had the choice. I refinanced with SoFi at first then Earnest again when rates dropped around covid. Both companies have been fine. Just go with the lowest rate from a reputable company IMO. Also, if he can pay bi-monthly instead of once a month it helps to reduce interest build up.
Posted on 8/26/26 at 8:04 am to chadzthename
If at all possible borrow from yourself (401K, IRA, MMA). Education is usually exempt from early withdrawal penalties and you'll be making payments back to yourself with a small admin fee.
Posted on 8/26/26 at 8:10 am to Indfanfromcol
quote:
And then no useable experience to translate to the private sector
Wut?
They don't make these folks muck stalls. They are working in their field.
Posted on 8/26/26 at 8:47 am to dalefla
quote:
If at all possible borrow from yourself (401K, IRA, MMA). Education is usually exempt from early withdrawal penalties and you'll be making payments back to yourself with a small admin fee.
OP, don't do this if you have any other choice.
Your son has decades of working years ahead of him to pay back loans he needs and to save for his own retirement. You have already experienced a health issue that set you back and by the very nature of your age have fewer years to rebuild this nest egg. And with retirement funds like a 401k/IRA, time is the one thing you can't get back to build on what you do put in.
Posted on 8/26/26 at 8:49 am to chadzthename
Pretty sure most loans are government backed at this point rather than private.
Posted on 8/26/26 at 8:49 am to chadzthename
Teach your son how to weld baw
Posted on 8/26/26 at 8:50 am to chadzthename
My son got 2.64% at Sallie Mae with us as cosigners.
Posted on 8/26/26 at 8:54 am to WestCoastAg
So many more programs to potentially get them forgiven, lesser payments, if you ever lose your job or go through another qualifying hardship, you can get payments deferred, etc...
Private loans do not offer any of these and have higher interest with higher payments.
Private loans do not offer any of these and have higher interest with higher payments.
Posted on 8/26/26 at 9:32 am to Mingo Was His NameO
quote:
Senior associates in public accounting make nearly $120k and they’re like 24
Deloitte, the highest paying big 4 starts at 70k, if you went 4 years+1 year grad you may start there at 70 at 23
Senior associates at 24 on 120k my arse
Most of them won't even have a CPA by then yet
And they are working 60 hrs a week with worse benefits
Texas State auditor states 5-7 years of experience with 2 years of management minimum included in that for Audit Manager, so don't know where you are getting 20+
Posted on 8/26/26 at 9:34 am to chadzthename
Texas has a loan program aimed at upperclassmen in a list of STEM and accounting type professions that are at 3.3% interest, Check to see if your state has a similar program.
Posted on 8/26/26 at 9:42 am to StTiger
quote:
Deloitte, the highest paying big 4 starts at 70k
Nope
quote:
Senior associates at 24 on 120k my arse
I made $109k plus bonus as a senior associate years ago.
quote:
Most of them won't even have a CPA by then yet
It’s probably about half and half. And it comes with a $10k bonus.
quote:
Texas State auditor states 5-7 years of experience with 2 years of management minimum included in that for Audit Manager, so don't know where you are getting 20+
Most of the audit managers I work with are in their 50s and above and many of the staff auditors have been there for years.
With 7 years in public accounting you should be a manager nearing senior manager so making at least $150k and a 5 figure bonus.
Is the work harder, yeah, a lot more so. But that’s not the point. From a strictly financial perspective, even if you have like $80k in loans, you are better off going to a firm than as a public employee and paying off the debt instead of getting it forgiven.
Posted on 8/26/26 at 10:09 am to chadzthename
How much you short? Not eligible for grants?
Also: tuition/fees for 4/5/6/7 classes are pretty much the same. Sure, more classes is more work load but still possible. That is how I graduated in three years. My goal was to stop the bleeding and get out of there ASAP
Also: tuition/fees for 4/5/6/7 classes are pretty much the same. Sure, more classes is more work load but still possible. That is how I graduated in three years. My goal was to stop the bleeding and get out of there ASAP
This post was edited on 8/26/26 at 10:11 am
Posted on 8/26/26 at 10:09 am to chadzthename
If you wait till democrats are back in charge, you won't have to pay student loans back.
Posted on 8/26/26 at 10:14 am to chadzthename
Go ROTC.
Posted on 8/26/26 at 10:44 am to chadzthename
What interest rate are federal loan giving out these days? Mine are all like 4% from 10 or so years ago
Posted on 8/26/26 at 10:48 am to chadzthename
One of the biggest destructive scams in modern American history.
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