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So: how much do YOU have in student loan repayments?

Discussion in 'BBS Hangout' started by ROXTXIA, Apr 11, 2002.

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  1. ROXTXIA

    ROXTXIA Member

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    I ask not because I have a lot (about $2,500 now) but because I'm thinking of returning to school next fall to take courses that will gear me up for a return to grad school...and I'm wondering how far into debt I'm willing to go.

    If you owe a boatload, worry not! I work for the U.S. Department of Education (no, I can't "wipe the slate clean" for you, so sorry, don't ask, I'd do it for a Rockets fan if I could) and some people out there have monthly repayments of $500 and more. In other words, garnished wages and grasping of tax returns by the IRS, horrific credit, and debt that never goes away. And there are some who wind up sick and unable to repay because only complete and total disability can forgive a loan.

    So, come on out there: how much?
     
    #1 ROXTXIA, Apr 11, 2002
  2. Behad

    Behad Member

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    $0

    Sorry, but I went to school completely on scolarships.
     
    #2 Behad, Apr 11, 2002
  3. haven

    haven Member

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    I've got about $12,500. My scholarship is for about $27,000 per year... so the percentage didn't seem that much. But when tuition is so high... my goodness it adds up.

    That's why I'm selling my soul to the devil and becoming a lawyer.
     
    #3 haven, Apr 11, 2002
  4. IVFL

    IVFL Member

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    WAY too much:D

    fortunatly I will be a teacher and have little porb. paying off my loans, being that i will be ROLLING in it:rolleyes:
     
    #4 IVFL, Apr 11, 2002
  5. cson

    cson Member

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    $22K it is sick
     
    #5 cson, Apr 11, 2002
  6. goophers

    goophers Member

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    I agree with behad. It's the only way to learn. $-16,000 for 4 years (yes, undergrad and not working at all). Schweet. :p
     
    #6 goophers, Apr 11, 2002
  7. Lil Pun

    Lil Pun Member

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    I owe $3,500 and will never take out a student loan again. I'm paying it for it myself and it's not too bad because it's about $2,000 per semester but they have payment plans that allow you to divide that up and pay it off by semester's end.
     
    #7 Lil Pun, Apr 11, 2002
  8. ROXTXIA

    ROXTXIA Member

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    Note to IVFL:

    This is some of our language for you teachers out there (or teachers-to-be):

    Although the U.S. Department of Education (ED) does not administer a program specifically for students who wish to become teachers, a Federal Perkins Loan can be canceled for certain types of service-such as teaching-the borrower performs. In addition, the Higher Education Amendments of 1998 authorized a loan forgiveness program for FFEL Stafford Loan and Direct Stafford Loan borrowers who teach in low-income schools. Under this program, a total of $5,000 may be canceled if the borrower completes five consecutive years as a full-time teacher in a public or private nonprofit elementary or secondary school that has been designated as low-income. However, this program applies only to new borrowers who obtain Stafford Loans on or after October 1, 1998. A borrower who has an outstanding FFEL or Direct Loan made before October 1, 1998 does not qualify for cancellation under this program.
     
    #8 ROXTXIA, Apr 11, 2002
  9. JuanValdez

    JuanValdez Member

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    Ya'll are lightweights! I borrowed $20,000 for my degree and my wife borrowed $30,000. I pay them both from my salary. And I know -- since we've talked about this once before -- that there are others (with advanced degrees) who put my debt to shame.

    ROXTXIA, if you are looking at borrowing more in the same magnitude as your previous debt, I wouldn't sweat it. The debts don't get impossible to repay for awhile and buying an advanced degree gets a much better return on your investment than, say, floating a big screen TV on your credit card.
     
    #9 JuanValdez, Apr 11, 2002
  10. mrpaige

    mrpaige Member

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    I actually took out a loan one semester a few years ago, so I've been repaying one for about $2,500 for a while at about $50 per month (actually, I think my payment is $50.38 per month)
     
    #10 mrpaige, Apr 11, 2002
  11. ROXTXIA

    ROXTXIA Member

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    Juan V,

    Actually I might have to take out more but you're right; it's a good investment. Otherwise I stay stuck in B.S. jobs that I hate.

    That's a lotta $$$ to borrow, bro. But you obviously have a decent attitude about it.

    Thanks for the good word.
     
    #11 ROXTXIA, Apr 11, 2002
  12. SamCassell

    SamCassell Member

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    You guys are all lightweights. I'm not going to post how much I owe in law school debt (I've posted it in other threads), but the total payment is around $700 a month.

    Gotta spend $ to make $.
     
    #12 SamCassell, Apr 11, 2002
  13. DiSeAsEd MoNkEy

    DiSeAsEd MoNkEy Member

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    hi 5!

    ill be rolling in it with you.

    :)
     
    #13 DiSeAsEd MoNkEy, Apr 11, 2002
  14. Rocket Fan

    Rocket Fan Member

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    i'm considering going to vanderbilt.. and that could potentially result in around 16,000 total worth of government loans depending on if i accept them all each year... it doesn't seem like that much debt to take on to go to a pretty good school. but i dont know!
     
    #14 Rocket Fan, Apr 11, 2002
  15. ROXTXIA

    ROXTXIA Member

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    Not all of us are gonna be lawyers. Sure, you're taking out a lotta money, but you should be making it back just fine.

    And oh, by the way...good for you. Law school must be a lot of work.
     
    #15 ROXTXIA, Apr 11, 2002
  16. Cold Hard

    Cold Hard Member

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    About $10,000...
     
    #16 Cold Hard, Apr 11, 2002
  17. glynch

    glynch Member

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    Zero, one of the advantages of being an old guy. Used to have them, though.
     
    #17 glynch, Apr 11, 2002
  18. fadeaway

    fadeaway Member

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    Loans are stupid.

    Why not just work for a year or so and save up the money you need? It's better than automatically losing a large chunk of your monthly salary for the next 10-20 years.

    I paid for my university degree by working in a factory during the summer months. Now, I'm working for a whole year to save up to do something else (not sure exactly what.. cooking school, probably).

    I know one guy in particular who owes thousands and he's currently working at BLOCKBUSTER just barely breaking even. He'll have that burden for the rest of his life. Not for me, thank-you very much.
     
    #18 fadeaway, Apr 11, 2002
    Last edited: Apr 11, 2002
  19. Rocketman95

    Rocketman95 Hangout Boy

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    None personally, but I'm hoping to assume some $70,000 or so whenever RM95's Girl and I get engaged (if we do).
     
    #19 Rocketman95, Apr 11, 2002
  20. Dr of Dunk

    Dr of Dunk Clutch Crew

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    I was on a full scholarship, so never had any loans. I also never finished college, so I suppose that helped. :)
     
    #20 Dr of Dunk, Apr 11, 2002
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