If you don't mind me asking how much in student loans did you guys escape with in college? Please give the year too so I can factor in inflation as well. I just got my financial aid considerations back and its not looking good. Loans everywhere. Worst criteria for scholarships: Asian, top 3%, no military affiliation, no living in poverty. Lol.
$32K total w/interest ranging from 5.5-6.8%. Graduated with my MBA in 2010. I was in a 5-yr dual bba/mba program but finished a semester early, both of which definitely helped.
Living at home for a year or so while you're working ain't that bad if it's an option available to you. Lets you focus more on work than your social life as you get started which I think is a good thing and it allows you to knock down some of those high-interest loans. Plus you can accumulate some cash during your grace period.
I don't think that's going to be much of an option seeing as how many computer science jobs and internships are going to be based around Austin. As a student and not a member of the working force population, $56k scares me. Am I overreacting?
If you can get a job right out of school, you should be okay. The 6 month grace period is big. You definitely want to figure out early what your minimum monthly and quarterly payments are gonna look like, and give yourself a general idea of how much you're gonna wanna pay, based on what your salary and cost of living could be. At the same time, you are going to have accept that it's something you're gonna be dealing with for a while. But hey, at least it's considered "good debt". Depending on what year you are, it might be a good idea to see if any of your remaining classes can be knocked out with CLEP tests or something like that. 3 credits for <$100 is always a good deal.
It all evens out in the job search; not so much for promotions, though. Having gotten the bachelors in '02 and then taken some on-line and outta state courses at fully accredited but bottom tier non-profit state schools over the last two years, I think you can still bet on $5k - $10k per semester.
There are different types of loans, decide which is best for you. Perkins loans 1) 5% Interest 2) Interest doesn't accrue until you start paying (so no interest while in school, or during your grace period). Be sure to double check this, I could be wrong. I'm going off of memory here. 3) You don't have to start paying until 9 months (might be 12) after you leave school or graduate. I think you may have to pay if you drop below half time too. Subsidized Loans 1) 3.4% Interest, but this could change as early as July of 2013 2) Interest accrues during your grace period 3) You start paying after your grace period (6 months), when you drop below half time attendance. Unsubsidized Loans - (I believe you can get more money from these loans, thus the higher interest rate) 1) 6.8% Interest, this could also change in July of 2013 2) Interest starts to accrue immediately 3) Repayment is same as subsidized There are a few others, but I don't much about them. Some other things to keep in mind: 1) You can consolidate your loans to get lower your interest rates 2) You can deduct most, if not all, of the interest on your tax return, depending on your income (it eventually phases out) 3) Grad students can no longer receive subsidized loans (which are the lower interest ones), but they can receive unsubsidized loans To answer your question, I ended up with about $32k of student loans. Most of them were lower interest rates because it was a while ago. Since I was able to write off the interest on my tax returns, I always paid the minimum and invested my extra money. Keep in mind, when it comes to your credit, it's ok to have student loans. Good luck!!
We financed my wife's last year in school through Sallie Mae. I think we are at 2.9% on the loan. That was a year ago. Not sure what they are now.
I did four years of college and five years of grad school with not a penny in debt. My state (Arizona) used to give a full ride to the top in-state high school students and my PhD was in science, so tuition was covered and I was paid a stipend.
huh?? Student loans have one of most secure means of collateral. Its called the federal government. Its extremely difficult to bankrupt on a student loan.
I owe about 11k. Just graduated last summer and I'm currently going to school for my masters which I'm paying cash. Luckily they see I'm still in school so I don't have to pay back anything yet.
What school? I escaped with $13k over 4 different accounts. I paid of three of them within a year of graduating and I just paid off the last account that I kept for credit building purposes. Graduated in '10.
About $25k all from my MBA (2012). None from my undergrad, where HOPE scholarship covered tuition, and mom covered room & board. Should have stayed on the gravy train.
