Is $25k college debt bad? - Current College Student

[Anonymous]

Anonymous wrote:What scholarship offered a full ride at JMU?

Centennial

[Anonymous]

Your debt isn't bad. If you can do so, start making interest payments while you're still in school. Some smart college kids had part time jobs in an office where I once worked. They all had student loans. However, there is some option where you can just pay interest each month until 9 months after graduation when you have to begin paying principal. Doing this meant interest did not accrue while they were in college. They graduated only owing the principal--no compound interest.

[Anonymous]

Anonymous wrote:25k debt for a top 10 LAC isn't a bad situation at all. I would not worry about the debt, it may seem like a lot to you but you need to look forward to the future and your career.

I work at a F200 in a senior management role and 80%+ of my peers are state school grads. And I went to an elite private college. Just the way it is, I don't care, they don't care. Learn to network, watch the people at your company and understand how the workplace operates, use the internship to get your first real job and never look back. IT's what you do in the next five years that will dictate your long term future far more than any college you went to or whether you have a 25k debt load (though agree with others that keep being frugal and living like a student for a few years and pay it off, then start saving for your down!). Keep the 20s super frugal and it'll pay off in your 30s.

This is so helpful, thank you! I’ve been networking as much as I can and even got a business card. I’m hoping with this job it’ll lead to me an actual internship then a return offer. - OP

[Anonymous]

Your career prospects are determined more by the fact that you are a humanities (I’m assuming not Econ?) major, not T10 LAC vs. T25 public. Utilize your career services office, work like crazy in your internship and network, network, network.

[Anonymous]

You’ll be fine. A good rule of thumb is that your total college debt should NOT exceed your expected first year salary. Pay it off as quickly as possible once you graduate and start working, but there is no need to stress about it now.

[Anonymous]

If you want to pay it off faster, get a second job. Mine paid off my loans in a few years.