Does anyone else owe a TON in student loans?

[Anonymous]

Anonymous wrote:DH and I owe a LOT in student loans - almost $400,000. Anyone else out there also owe a huge amount? I constantly see posts on how much people have saved for retirement or in case of emergency, and we just don't have that. Are we the only ones who owe this much?

Holy cow, my eyeballs almost popped out of my head at that. Good luck, OP, and I mean that sincerely.

[Anonymous]

Anonymous wrote:

Anonymous wrote:DH and I owe a LOT in student loans - almost $400,000. Anyone else out there also owe a huge amount? I constantly see posts on how much people have saved for retirement or in case of emergency, and we just don't have that. Are we the only ones who owe this much?

Holy cow, my eyeballs almost popped out of my head at that. Good luck, OP, and I mean that sincerely.

A lot, I agree, but what if the poster and her DH earn $ 250-500 K/ year combined? My DH and I started out our careers earning only about 1/3d of our total school debt in our combined annual salary. We paid of our student loans in seven years.

[Anonymous]

I'm the OP of this post. Can't believe it's been almost two years since my original posting. We're almost down to owing $250,000. Still a lot but very happy about our progress!

[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.

Things have not turned out as well as . . . paying off $ 120K in total student loans by yourself (without government assistance) and in their entirety while earning a combined less than $ 46 K/yr. for the first 3-4 years of your careers, and working hard to earn a current salary of $ 2 m/yr. Karma . . . she is a sweetheart!

You really think this is karma? You work really hard and make $2M/year. Some people like to work a lot. I like to work 40 hours/week. Working as a government attorney allows me to do this. I never have to work really hard. Life is about finding what works for you and your family. I think we are both where we want to be.

[Anonymous]

Anonymous wrote:I'm the OP of this post. Can't believe it's been almost two years since my original posting. We're almost down to owing $250,000. Still a lot but very happy about our progress!

That's awesome, OP!

[Anonymous]

Anonymous wrote:

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 like to work 40 hours/week. Working as a government attorney allows me to do this. I never have to work really hard. Life is about finding what works for you and your family. I think we are both where we want to be.

PP (the government attorney), it's me the regular American taxpayer out here in the provinces. You are starting to make me a little nervous with all your talk of "IBR program", "$100k will be forgiven", "purchased a house", "funded our retirements", "funded 529 accounts", "telework two days a week and have a 40 hour work week", and perhaps truly objectionable "I never have to work really hard."

What? You "never have to work really hard."? Well, out here in the American heartland, in the Northeast, in the South, Texas, the Pacific Northwest, California, the Rockies, the Blue Ridge, in Florida, Ohio, New York, and the Mid-Atlantic, we the American taxpayer "work really hard" to earn not much more than a living wage. In most cases, we have not "purchased a house" or we've lost one, we have not "funded our retirements" or "funded 529 accounts", we do not "telework two days a week" or "have a 40 hour work week."

I want to believe the withholding I give up every paycheck, and the income tax I pay each April 15th, is being used wisely by our Government in Washington, D.C. However, when I read about the "never really hard", "fully funded" life of this government attorney back in D.C., while we the people chew a cable back here in the 50 States . . . ! Well, if you have to cut spending please don't start with us out here, or furlough our local air traffic control; rather, think about cutting some of the bloated bureaucracy back in D.C.

[Anonymous]

PP, green is not your color.

[Anonymous]

Anonymous wrote:PP, green is not your color.

PP, give the wo/man his or her due. I think they might have a point about the (relatively) privileged life of a government employee.

[Anonymous]

I finished law school owing about $170K. It was overwhelming at first as I was earning a decent salary but not a biglaw salary. However, I put my fed loans in forbearance for a while to focus on paying off the variable rate private loans, and eventually consolidated the fed loans at a very low rate after watching the underlying Treasury bill rates for several years so I could time the consolidation strategically.

Beyond that, automating the monthly payments helped me not to stress about the debt because it was like I never even earned the money that went straight to loans. That prevented me from feeling the pain of monthly payments. I also resisted the urge to pay down school debt as quickly as possible, and instead paid the minimum while maxing out my 401(K), maxing out my IRA contributions, and building an emergency fund. This is critical. Even if you can't max out on these things, it is important to save as soon as you have an income, so you can take advantage of the time value of money and not be homeless if you ever become unemployed.

Eventually your income will likely rise and inflation will help make the debt burden cost less in forgone buying power than it does right now. You will get into the black financially one of these days. In the meantime, try not to think about it. You did what you had to do to make a better future for yourself.

[Anonymous]

Anonymous wrote:

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?

Agree 100%. As a taxpayer this shocks me. I'm a fed attorney who graduated in the mid-late 2000s and am close to done paying my moderate student loans by MYSELF. Why should someone who chose to go to a better-ranked, more expensive school get the career benefit of a prestigious degree, and get the taxpayer to foot the bill??

Because programs like that enable the federal government to attract and retain top tier talent to do legal work that helps the government run smoothly, thereby benefiting taxpayers. These are people who might otherwise feel compelled to go biglaw in order to pay down the debt. The difference in starting salary between the federal government and biglaw is huge--think 100K per year in some cases.

Signed, someone who has never worked for the feds and will pay off every penny of her own huge student loan balance, but does not begrudge others the benefits of these federal government programs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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?

Agree 100%. As a taxpayer this shocks me. I'm a fed attorney who graduated in the mid-late 2000s and am close to done paying my moderate student loans by MYSELF. Why should someone who chose to go to a better-ranked, more expensive school get the career benefit of a prestigious degree, and get the taxpayer to foot the bill??

Because programs like that enable the federal government to attract and retain top tier talent to do legal work that helps the government run smoothly, thereby benefiting taxpayers. These are people who might otherwise feel compelled to go biglaw in order to pay down the debt. The difference in starting salary between the federal government and biglaw is huge--think 100K per year in some cases.

Signed, someone who has never worked for the feds and will pay off every penny of her own huge student loan balance, but does not begrudge others the benefits of these federal government programs.

The government would never be able to attract top talent with the current GS pay rates without additional incentives. Law school is expensive. If we didn't provide loans, only the rich would be able to attend. No one wants a caste system in this country. So our government has a compensation packet for federal employees that is lower salary with a defined benefit pension plan and student loan repayment. It could just as easily be higher salary. They don't want to do that.

[Anonymous]

Except student loan repayment at fbi and doj all but disappeared in 2011. Promised 6 years, received 3. Now program is not funded as part of sequestration.

[Anonymous]

PP (the government attorney), it's me the regular American taxpayer out here in the provinces. You are starting to make me a little nervous with all your talk of "IBR program", "$100k will be forgiven", "purchased a house", "funded our retirements", "funded 529 accounts", "telework two days a week and have a 40 hour work week", and perhaps truly objectionable "I never have to work really hard."

What? You "never have to work really hard."? Well, out here in the American heartland, in the Northeast, in the South, Texas, the Pacific Northwest, California, the Rockies, the Blue Ridge, in Florida, Ohio, New York, and the Mid-Atlantic, we the American taxpayer "work really hard" to earn not much more than a living wage. In most cases, we have not "purchased a house" or we've lost one, we have not "funded our retirements" or "funded 529 accounts", we do not "telework two days a week" or "have a 40 hour work week."

I want to believe the withholding I give up every paycheck, and the income tax I pay each April 15th, is being used wisely by our Government in Washington, D.C. However, when I read about the "never really hard", "fully funded" life of this government attorney back in D.C., while we the people chew a cable back here in the 50 States . . . ! Well, if you have to cut spending please don't start with us out here, or furlough our local air traffic control; rather, think about cutting some of the bloated bureaucracy back in D.C.

As a former Fed, I agree wholeheartedly. For the poster who said the Feds couldn't otherwise attract "top talent"' this is bullshit. This may have been true at one time but not anymore. Fed jobs are highly sought after-- especially with all of the unemployed or underemployed attorneys in this country. Loan forgiveness is a program that no longer makes sense.

[Anonymous]

PP, the IBR program is not specifically for government attorneys. The program is for public interest work. It would be impossible to review every public sector job to determine whether it is worthy of loan forgiveness. Pres Obama definitely supports public interest work. This includes teachers and nonprofits.

FYI, some senators believe the forgiveness should occur after 5 years instead of ten. The county is moving towards more support for indebted students, not less.

At least the IBR program helps grads who are working. How many government dollars go towards those who never work?

[Anonymous]

Anonymous wrote:PP, the IBR program is not specifically for government attorneys. The program is for public interest work. It would be impossible to review every public sector job to determine whether it is worthy of loan forgiveness. Pres Obama definitely supports public interest work. This includes teachers and nonprofits.

FYI, some senators believe the forgiveness should occur after 5 years instead of ten. The county is moving towards more support for indebted students, not less.

At least the IBR program helps grads who are working. How many government dollars go towards those who never work?

The American taxpayer here again. I agree with the use of IBR student loan-forgiveness programs to assist public school teachers, social workers, non-profit employees dedicated to the work of the underprivileged, but that is about it.

When I hear about attorneys gainfully, profitably and prestigiously employed by the federal government (in a position that probably 12 other underemployed or unemployed attorneys would love to have), using IBR to have their loans forgiven in 10 years, much less 5, I wonder. What about the middle-American parent working a factory job, or in local government, or at a small business -- earning 1/4 of what a federal government attorney ends, also raising a family, paying a mortgage or rent, and saddled with student debt themselves? Why shouldn't we use the federal funds to help those women and men instead?

I think that we are helping already (relatively) privileged federal attorneys to buy that house in Cleveland Park, Vienna, or Bethesda a few years earlier, fully fund their every need, and otherwise contribute to the affluence of the Washington, DC area, while the rset of the country is expected to fend for itself.