$100,000+ loan club

[Anonymous]

Anyone out there a member of the $100,000+ higher ed loan club? Will you pay off your loans in 15 or 30 years?

[Anonymous]

Not quite, but I had $90+K when I graduated in 2004. I put it on 30 years for flexibility. I paid off the private loans. Now I have about $45K left at 1.625% so am not in a hurry to pay that off. DH and I had about $150K when we got married in 2007 and now have less than half that, all low-interest private loans. We pay $400/month combined. I'd love to get that monkey off our backs but buying a house and paying for infant daycare are our priorities right now.

[Anonymous]

PP here. I meant low-interest *federal* loans.

[Anonymous]

We're 15 years out (my husband's law school loans) and have $23K left at a crazy low rate. Rolled a big chunk into a refi five years ago and paid the rest off slowly but surely. I'm throwing $300/month at the last bit but I'm not really in a hurry to get rid of it.

[Anonymous]

$170k from veterinary school. Pay $500 per month, it will take more than 30 years to pay off, I'm sure.

[Anonymous]

I have about 70K at less than 2 percent interest. I'm on the 25 year plan, letting inflation pay it off.

[Anonymous]

Count me in. I pay about $1,200/month on my loans. It sucks. I think it should be against the law for lenders to charge interest on student loans while students are still in college as that made up the bulk of my student loan payments last year.

[Anonymous]

Anonymous wrote:Count me in. I pay about $1,200/month on my loans. It sucks. I think it should be against the law for lenders to charge interest on student loans while students are still in college as that made up the bulk of my student loan payments last year.

Why?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Count me in. I pay about $1,200/month on my loans. It sucks. I think it should be against the law for lenders to charge interest on student loans while students are still in college as that made up the bulk of my student loan payments last year.

Why?

Because I don't think educational loans should be treated the same as a car loan or mortgage and it would be far more reasonable to allow loans to accrue interest once a student is out of school instead of penalizing the hell out of students while they are in school just because they have to take out loans to fund their education.

[Anonymous]

Count me in. I pay about $1,200/month on my loans. It sucks. I think it should be against the law for lenders to charge interest on student loans while students are still in college as that made up the bulk of my student loan payments last year.

Why? Do you not understand basic finance? Interest is how lenders make their money. Perhaps you should have considered all of these factors before you took out the loan. You don't get to cry foul now that you have to accept the consequences of your actions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Count me in. I pay about $1,200/month on my loans. It sucks. I think it should be against the law for lenders to charge interest on student loans while students are still in college as that made up the bulk of my student loan payments last year.

Why?

Because I don't think educational loans should be treated the same as a car loan or mortgage and it would be far more reasonable to allow loans to accrue interest once a student is out of school instead of penalizing the hell out of students while they are in school just because they have to take out loans to fund their education.

Why shouldn't student loans receive the same treatment as car or housing loans?

[Anonymous]

Had about $120,000 in 1997. Thanks to an explosition in law firm salaries shrtly thereafter, and a hot housing market, I paid it off in 2004. Actually a stupid decision - I should have put the money towards my next house and paid off the loans with earnings.

I can't imagine what it's like to have six figures of loans these days, with the price of housing. At least interest rates are crazy low.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Count me in. I pay about $1,200/month on my loans. It sucks. I think it should be against the law for lenders to charge interest on student loans while students are still in college as that made up the bulk of my student loan payments last year.

Why?

Because I don't think educational loans should be treated the same as a car loan or mortgage and it would be far more reasonable to allow loans to accrue interest once a student is out of school instead of penalizing the hell out of students while they are in school just because they have to take out loans to fund their education.

So when you borrow money to pay for your first year of college, the lender basically lends it to you for free for the next 3.5 years? More, if you go to graduate school immediately thereafter? Good luck with that. If is was made "against the law" one of two things would happen - best case scenario, student loan interest rates would skyrocket to make up for lost interest, or the private loan market would just dry up altogether. Neither of which is exactly a preferred outcome.

Seriously, people, think before you blather on about what should be "against the law."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Count me in. I pay about $1,200/month on my loans. It sucks. I think it should be against the law for lenders to charge interest on student loans while students are still in college as that made up the bulk of my student loan payments last year.

Why?

Because I don't think educational loans should be treated the same as a car loan or mortgage and it would be far more reasonable to allow loans to accrue interest once a student is out of school instead of penalizing the hell out of students while they are in school just because they have to take out loans to fund their education.

So when you borrow money to pay for your first year of college, the lender basically lends it to you for free for the next 3.5 years? More, if you go to graduate school immediately thereafter? Good luck with that. If is was made "against the law" one of two things would happen - best case scenario, student loan interest rates would skyrocket to make up for lost interest, or the private loan market would just dry up altogether. Neither of which is exactly a preferred outcome.

Seriously, people, think before you blather on about what should be "against the law."

The federal subsidized loan program does just that and so acknowledges that funding an education is different from merely buying a car or a house. Never mind that student loans are impossible to discharge in bankruptcy, while you can discharge your car, house, and gambling debts.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Count me in. I pay about $1,200/month on my loans. It sucks. I think it should be against the law for lenders to charge interest on student loans while students are still in college as that made up the bulk of my student loan payments last year.

Why?

Because I don't think educational loans should be treated the same as a car loan or mortgage and it would be far more reasonable to allow loans to accrue interest once a student is out of school instead of penalizing the hell out of students while they are in school just because they have to take out loans to fund their education.

Why shouldn't student loans receive the same treatment as car or housing loans?

Well, bear in mind that they don't receive the same treatment; student loans are virtually the only debt one cannot discharge in bankruptcy.

[Anonymous]

I had just over 100,000 in loans when I graduated from law school in 2001. I paid them off in about 6 yrs on a gov't salary--- paid 900 a month every month, received between 3500-5500 a year from my agency in loan repayment assistance, lived cheaply (ie with roommates, old car), and threw every bit of extra money I had at the loans.