To follow up on the credit card debt thread. I always find it interesting that many Americans do not view mortgages, car loans and especially student loans as 'real' debt. I am one of those people who do not carry any credit card debt but owe close to $50k in student loans.
I haven't looked at the total balance in quite a while, so this would be a guesstimate. For me: $75k (college and b-school) For my wife: $35k (college and culinary school) The debt is real, but it's worthwhile. I wouldn't be making nearly the coin I make now (not to mention the actual education I got) if it weren't for those degrees. Of course, I could have gone to worse schools, paid a quarter as much and ended up with a salary perhaps marginally worse (or maybe the same) than I make now. So, going to U of H instead of U Chicago and Rice would probably be the better money-play, but I wouldn't change anything.
$0.00 I paid off my college debt in my early 30's. One of the benefits of going to state schools (very good state schools), getting scholarships, fellowships and being a TA.
$0 I had quite a few scholarships, and I worked through most of my school. I had to borrow about $3000 as a senior, but I paid that off in my first year of work.
It was in my experience. They called for tutors for a certain class if you made an A but you were not a TA. Did they not have many grad students there?
$0.00 I got a scholarship for the 1st 4 years, then cut down on my class-load and paid for the rest via installments until I finally graduated. Took me almost 8 years to graduate.... but at least I don't have any debt left over. It didn't hurt that it was an inexpensive school in an even more inexpensive town (Huntsville). I hear horror stories about people with 6-figures of student loans to pay off while making 30K/year. That just blows my mind.
Zero from Undergraduate. 129K from law school. However, once I pay $342.40 per month for 120 months that debt will be forgiven. $129000 - $41088 = $87912 SAVED. FORGIVEN. AND NO TAX CONSEQUENCES FOR DEBT FORGIVENESS!!! That is the ONE thing I will openly thank the Bush administration for. The Public Service Loan Forgiveness Program is intended to encourage individuals to enter and remain in public service. The program grants public service loan forgiveness of the full remaining Direct Loan balance when the borrower has made 120 qualifying monthly payments through an eligible repayment plan after October 1, 2007, while employed in public service fields considered eligible under the Public Service Loan Forgiveness Program. The borrower must also be employed in public service at the time of applying for forgiveness and when any remaining loan amount is forgiven. For more information click this link
Here is the story of a NYU sudent who graduated with over 100k in debt, who now works as a phoography assistant: http://www.nytimes.com/2010/05/29/your-money/student-loans/29money.html?_r=1&hpw The financing of higher education is in need of serious reform.
I went with a Public University (CUNY) and received Pell Grants for most of my experience. I helped my parents out by paying rent and living expenses while my folks helped me out with the low tuition costs. so, zero.
Article does not illuminate what she got her degree in. Agreed, but so is the ideology that college is the end-all, be-all for success, regardless of field.
Step 1. Consolidate all debt with https://www.dl.ed.gov/borrower/BorrowerWelcomePage.jsp Step 2. Get any job in the public sector. Step 3. Get on the Income contingent payback plan. Step 4. Work for 10 years in public sector.
I have about 15 K, but I only make the minimum ($100) payments on it since I have a good interest rate (3.8 %). And Suzie Orman confirmed as she said recently in one of her shows that anything < 4 %, you should make the minimum payments and instead put money in a savings where you will <i>eventually </i> get over 5 %. This makes me feel better
