Does anyone else owe a TON in student loans?

[Anonymous]

The biggest thing stopping me from going back to school is having to take loans now that mine are paid off. I am actually looking at administrative positions at universities so I can work and go back on their dollar, not mine.

[Anonymous]

Anonymous wrote:I owe 381,000 in student loans for dental school, interest accumulating at 2,000 per month. Living paycheck go paycheck. In IBR because i cant afford to make the 4600/mo payment to be done in 10 years. By the way for all those complaining about people having their loans forgiven, its not totally a get out of jail free card, you have to pay taxes on the amount forgiven.

Wholly crap I did not know this? Any chance the taxable amount is applied to the year we took the loans ?

[Anonymous]

Anonymous wrote:

Anonymous wrote:[quote]I don't hate people who have student loans, but I do think they should repay them. That's a very, very large sum of money and I didn't need to take a loan out in that amount to go to school. I got a degree and went to a school I could afford. I also make a good salary and have not relied on the American taxpayer to foot my college tuition.

x100.

And merely working for the feds doesn't quite cut it. Being the sole doctor on the Pine Ridge Indian Reservation in South Dakota, the poorest county in the US? sure. Ditto for being the only public defender somewhere in the Mississippi Delta who helps indigent folks who are in jail, for years on end.

But, forgiving hundreds of thousands of dollars in loans per person because that guy is a GS-14 lawyer telecommuting from Herndon for the HHS? Working 8:45 to 4:30? Really?!

Who can I call about this.

I totally agree...why are we paying for this?

Fine. Cancel the program. Well go private and the fed can get what it gets like rich kids who can afford to work therefore shit and don't know or don't give a shit. Read: doj honors on steroids.

[Anonymous]

I thought I had a lot. But its a lot less then yours (around 80K). Normally it'd be around $500 a month, but putting it on an income based repayment plan makes it lower.

I didn't attend an expensive school, and I had a combination of grants, scholarships, and loans. I worked as an RA for 2 years to get a room waiver. I also worked my butt off (at one point I had 4 jobs totaling around 40-50 hours a week). I had very little family help and I was completely burnt out at the time.

Depending on your degree and your job there are ways to get loans forgiven. ie: working for non profits, working for title 1 schools, etc.

[Anonymous]

Anonymous wrote:You, OP and PPs, made the decision to take these loans and start out your professional life with outrageous debt. Once upon a time, people worked their way through college, you should have given this some thought. Student loans should not be forgiven unless the person who took out the loan is terminally ill.

Biatch. I worked 3 jobs through college. 2 until 1 started law school, 1 in law school and the llm and 2 from grad until I had a kid at 3 fin 7!


This is a socioeconomic class discussion and if you've not been there peanut gallery please be quiet.

[Anonymous]

$160k between DH and I. We started out at $300k about 9 years ago. We have been working as government attorneys for the last 4 years and we are in the IBR program. The remaining loans will be about $100k in 6 years and this will be forgiven. We're very thankful for the program. We've purchased a house, funded our retirements, had two kids, and funded their 529 accounts. Considering I telework two days a week and have a 40 hour work week, I'm kind of surprised myself how good things have turned out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300k here. I have nightmares about it! It is the same amount as our home loan. We hope to pay for it during 10 years and then have it forgiven.

OP here. I have nightmares about it too! Sometimes I can't get to sleep because I feel so stressed about them. We're trying to pay them down, higher interest rate loans first. Neither one of us works for the govt. To answer other PP - one Dr. and one lawyer.

With your high earning careers, don't you think you'll be able to pay it off quickly?

+1

OP and others who have really high debt: if you lived 'poor' you could pay it off. Take a good hard look at your finances and cut out any extras (i.e. buying lunch everyday, eating out, cable, phone bill, the size house that you bought, your cars, what you buy at the grocery store). There is a lot that can be done that adds up with your budget. If you were to graduate and rent a small apartment and live cheap you could of gotten your debt under control.
How much do you make in combined income every year? 200,000? More? Less? If you set a budget to live say on 50-80K a year for a period of time (which is still more than most make) that would allow you to set aside the rest of your income to pay down your student loans.

Signed, someone with about 40K of debt, income of roughly 25,000 and working to get a better job to raise my income level. I'll still live like I was earning 25,000 though to pay down my debt as quickly as possible.

[Anonymous]

Anonymous wrote:$160k between DH and I. We started out at $300k about 9 years ago. We have been working as government attorneys for the last 4 years and we are in the IBR program. The remaining loans will be about $100k in 6 years and this will be forgiven. We're very thankful for the program. We've purchased a house, funded our retirements, had two kids, and funded their 529 accounts. Considering I telework two days a week and have a 40 hour work week, I'm kind of surprised myself how good things have turned out.

I'm kind of surprised you don't know that it's $160k between DH and me and it's how
well things have turned out.

Are you really a lawyer?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Gee, I can't begin to tell you how happy it makes me to hear all of you scamming your way out of repaying your school debts. As a fellow taxpayer, I say thank you. Thank you very much.

This loan forgiveness deal should be canned. I think I'll suggest it to the committee looking to balance the budget. Sounds like it could make a sizable dent.

What does this even mean? If people are using sanctioned loan programs to get debt forgiveness, how is that even scamming?

Signed,

I don't have loans, but I also don't hate on those who do

I don't hate people who have student loans, but I do think they should repay them. That's a very, very large sum of money and I didn't need to take a loan out in that amount to go to school. I got a degree and went to a school I could afford. I also make a good salary and have not relied on the American taxpayer to foot my college tuition.

+1M

[Anonymous]

Anonymous wrote:

Anonymous wrote:$160k between DH and I. We started out at $300k about 9 years ago. We have been working as government attorneys for the last 4 years and we are in the IBR program. The remaining loans will be about $100k in 6 years and this will be forgiven. We're very thankful for the program. We've purchased a house, funded our retirements, had two kids, and funded their 529 accounts. Considering I telework two days a week and have a 40 hour work week, I'm kind of surprised myself how good things have turned out.

I'm kind of surprised you don't know that it's $160k between DH and me and it's how
well things have turned out.

Are you really a lawyer?

Please.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:300k here. I have nightmares about it! It is the same amount as our home loan. We hope to pay for it during 10 years and then have it forgiven.

OP here. I have nightmares about it too! Sometimes I can't get to sleep because I feel so stressed about them. We're trying to pay them down, higher interest rate loans first. Neither one of us works for the govt. To answer other PP - one Dr. and one lawyer.

With your high earning careers, don't you think you'll be able to pay it off quickly?

+1

OP and others who have really high debt: if you lived 'poor' you could pay it off. Take a good hard look at your finances and cut out any extras (i.e. buying lunch everyday, eating out, cable, phone bill, the size house that you bought, your cars, what you buy at the grocery store). There is a lot that can be done that adds up with your budget. If you were to graduate and rent a small apartment and live cheap you could of gotten your debt under control.
How much do you make in combined income every year? 200,000? More? Less? If you set a budget to live say on 50-80K a year for a period of time (which is still more than most make) that would allow you to set aside the rest of your income to pay down your student loans.

Signed, someone with about 40K of debt, income of roughly 25,000 and working to get a better job to raise my income level. I'll still live like I was earning 25,000 though to pay down my debt as quickly as possible.

For the lawyers on here who graduated in the mid-2000s, did you take on debt for the type of schools that could get you into biglaw? There’s no guarantees these days, but I graduated from a good/top law school in the mid-2000s and every student in my section who wanted a biglaw job got at least one offer. That's what you did if you had debt to pay down.

And what did your lifestyle look like after graduation and before kids? I lived like a student for my first few years as an associate and was regimented about making extra debt payments. Lots of my classmates, however, got luxury condos, took fabulous vacations, spent ridiculous amounts on clothes, custom suits etc. but I viewed biglaw as temporary -- not because I didn’t want to stay but because even the most perfect associate was not promised partnership, even back in the good old days; now it should be a mantra of save everything you can on the assumption you will not be a partner and then if you make it, it’s a pleasant surprise.

And for the PP who is staying home but only making interest payments, I get why you want to be home with 3-4 kids and I’m sure a partner’s wife wouldn’t want to do this but why not at least think about some seasonal employment or a night job at Target or whatever -- it won’t make a huge dent but at least it’ll be a few hundred a month of principal payments. I knew Asst District Attys in Boston and NYC who used to bartend on the side, so those kinds of part-time jobs are not out of the ordinary.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$160k between DH and I. We started out at $300k about 9 years ago. We have been working as government attorneys for the last 4 years and we are in the IBR program. The remaining loans will be about $100k in 6 years and this will be forgiven. We're very thankful for the program. We've purchased a house, funded our retirements, had two kids, and funded their 529 accounts. Considering I telework two days a week and have a 40 hour work week, I'm kind of surprised myself how good things have turned out.

I'm kind of surprised you don't know that it's $160k between DH and me and it's how
well things have turned out.

Are you really a lawyer?

Yes, I'm really a lawyer! My apologies to the grammar police. Maybe I should take a firm job and work 80 hours a week. I would be writing so much more. I guess I'll keep turn out my junk government briefs on my 40 hour schedule.

[Anonymous]

Wow- I don't know how you all do it! I graduated from college with substantial debt and no money to go further. Opted not to do any graduate work because I was terrified of more debt. Moved home, worked my tail off and paid off all my undergrad loans before I got married. Yes I often wish I had that Masters, but honestly I don't think it would get me much. Certainly not compared to what I would have to pay for it. I worked steadily for many years, took 10 years off to be a SAHM, and am now back in the workforce to help pay for my kids' private schools.

[Anonymous]

Anonymous wrote:My DH and I owe $300k+ combined. Both lawyers, plus a worthless but expensive masters degree thrown in for good measure (his). And, I am a SAHM. And, we have three kids and will probably have another. And, I hated being a lawyer and will never use my degree again. And, we are currently paying only interest because that's all we can afford (this will change after DH makes partner next year). And, my DH didn't graduate until 2006, BUT he was already 30 instead of 25. So we are way behind the curve on saving for retirement. I have to laugh when I see all those posts about people saving 20% of their income and putting $1000/mo in 529s for their kids. That is just so far outside the realm of possibility for us that it's like a whole other universe.

I try not to worry about it too much. Yes, we made mistakes in our lives. Yes, we will be paying for them for a LONG time. Yes, we will not be able to give our kids the material things, expensive vacations, and full ride educations that other people can. But, we decided not to stop living and enjoying our lives because of our prior mistakes, e.g. we decided to have a family even though by the standards of many people on this board, we "couldn't afford it", and we decided it was worth it to us for our kids to have a parent at home. Eventually the loans will be paid off. We are still very blessed in so many ways. (We do have plenty of life insurance, though, in part because of the student loans, and we are thinking about LTD for my DH as well). If something bad happened to us such that we had to default on our loans, we have wonderful families who would be there for us.

Both of us took out these loans when we were young, and for various reasons neither of us had received a particularly good education in financial matters and didn't really know what we were getting into. And then we got married, compounding the mistake (in a financial sense). Everyone I have ever encountered who mentions law school to me, I try to talk them out of it and really emphasize how the debt is a drag on your future income. At 22, I just had NO idea what real living expenses even were (my parents paid mine during college), much less the cost of raising children.

I disagree. You and your DH didn't have to choose such expensive schools. Or having kids so soon. Or you being a SAHM. And you better hope your DH doesn't get laid off or divorce you. Actually, with him making partner you're luckier than most law school graduates (and most of the population) so cry me a river!

My DH and I are both attorneys, both attended schools that offered scholarships and both work. We have a full-time nanny for our daughter and I'm paying off my own loans. DH already paid off his. Your post really irks me, you should have saved a cash cushion before having kids. That would have been the mature thing to do.

[Anonymous]

Anonymous wrote:$160k between DH and I. We started out at $300k about 9 years ago. We have been working as government attorneys for the last 4 years and we are in the IBR program. The remaining loans will be about $100k in 6 years and this will be forgiven. We're very thankful for the program. We've purchased a house, funded our retirements, had two kids, and funded their 529 accounts. Considering I telework two days a week and have a 40 hour work week, I'm kind of surprised myself how good things have turned out.

Meanwhile some of us are just naively paying off OUR loans using our OWN earrings and not taxpayer money. Just think about others who aren't funding their kids 529s or purchasing a house to do so. UGH.

Have to agree that I don't think the federal government should spend money on this. The program when the Feds make student loans payments, to me that is different, and a job perk.