Does anyone else owe a TON in student loans?

[Anonymous]

Hey, if your DH makes enough $ for you to pay your loans, max our retirement savings, pay all your expenses, save a good cushion and maintain your lifestyle--good for you. If you're not doing those things, you'll get snark from me.

I don't think that paying only the interest on $300,000 of debt qualifies.

[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.

Then maybe you should work to get rid of this program. If it's available, it's pretty silly not to take advantage.

[Anonymous]

Anonymous wrote:

Anonymous wrote:it's really disgusting how much school, especially law school, costs these days.

that said, being a SAHM with a degree you still owe on, letting your husband pay it off while you don't use it? gross.

It doesn't really matter what you think, does it? It matters what he thinks. He wants me to be with our kids -- it makes both our lives better, not to mention our children's lives. We don't think of our student loans as separate anymore; all our debt is mutual.

you're right, it doesn't matter what i think. but you shared your situation on a public message board, and people will weigh in. i don't know how you see debt YOU incurred for YOUR degree that YOU don't use as mutual, but if he doesn't resent it, more power to you.

[Anonymous]

I owe around 100K in student loans from law school and undergrad (Dh was in the military and owes nothing for his undergrad and masters) and while it is a HUGE burden, DH and I plan on having it paid off completely within 5 years. We are sacrificing vacations, new cars, new house, etc...and it will definetly be worth it when they are paid off and we can afford the luxuries we have worked hard for.

And, to the lovely PP who felt that it was such a huge waste of time and money for the OP and her DH to pursue their careers and wanted the OP's DH's name so that he/she can be avoided as a treating physician...news flash: EVERY MD OUT THERE HAS AS MUCH IN STUDENT LOANS. Are you really that naive?? Getting an advanced degree isn't cheap or free...it is just another compenent of why the cost of medical care is so inflated.

OP, we met with a finacial advisor and found it really helpful. It was very overwhelming to think about the amount of debt to repay but the advisor was able to really break it down into small obtainable goals for us. Good luck. And thank you for your devotion to your career...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Ok, I was younger than he was! I went straight through. He took out the masters degree loans when he was young (22). Then he went to law school so he could pay off the masters degree ... because like a lot of prospective law students he was led to believe that job prospects and salaries were better than they actually turned out to be.

Sorry, you can't play the "youthful indiscretion" card when you are 22 years old with a BA. And him - 25, with a Masters he already was in debt for? And you say, "we were young, we didn't know any better?" Aargh.

And count me among those who question your subsequent choices, PP. It's none of my business, of course, but I just can't fathom owing $300,000+ combined, and then taking on a mortgage, and then having kids, and then having person quit. That's nuts. Your whole attitude reeks of "I want what I want, and the realities of the situation don't matter to me - I want it!" I wouldn't put up with that from my 4 yo, and yet you are proud of it. Interest only, on a $300,000 debt, for the last 5 years? And then you have three kids? And then you leave the workforce? I understand you want to be a SAHM, but there are lots of things I want that I can't afford. Getting them woudl put my family in a precarious financial situation. So you know what? I don't have them. That's what grownups do. Sorry for the rant/lecture, but this really is astonishing.

I totally agree. But this kind of attitude shouldn't baffle us. Look at the housing and credit crisis - clearly a lot of people think this way.

What does having a BA or an MA have to do with having common sense and really having a grasp of financial matters? We were both in the humanities. We were late bloomers in the finances department, ok? You don't know what you don't know when you don't know it. I don't see why that's so offensive to you. As I said, we are the only ones who are paying.

You know, the PP above talks as though having a family is just an expensive hobby. Just a material desire like any other. Sorry to offend the financial hall monitors on this site, but that's not how my DH and I view it. Having a family was important to us, and biologically speaking, we had to do it when we did or else never have one. There will be time to pay off the loans in the future, but once your reproductive years are over, they're over. Same thing with my leaving the workforce. To begin with, I was not making a lot of money anyway (a lot of lawyers don't), so it wasn't as big a sacrifice as you seem to think. The decision for me to SAH was mutual. My kids will only be young for a short time. Our values are such that having a parent at home is worth financial sacrifices. If others don't see this as important, that is their choice. We are entitled to our choices even if they do not comport with the sensibilities of the "suck it up" crowd. Making mistakes in life is and should be a learning experience, but it does not need to ruin the rest of your life. That is the message I was trying to convey to the OP. I cannot believe that anyone here would actually say that someone who made a mistake by taking out student loans should then have to forfeit having children because of it. THAT is astonishing and incredibly cruel.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Ok, I was younger than he was! I went straight through. He took out the masters degree loans when he was young (22). Then he went to law school so he could pay off the masters degree ... because like a lot of prospective law students he was led to believe that job prospects and salaries were better than they actually turned out to be.

Sorry, you can't play the "youthful indiscretion" card when you are 22 years old with a BA. And him - 25, with a Masters he already was in debt for? And you say, "we were young, we didn't know any better?" Aargh.

And count me among those who question your subsequent choices, PP. It's none of my business, of course, but I just can't fathom owing $300,000+ combined, and then taking on a mortgage, and then having kids, and then having person quit. That's nuts. Your whole attitude reeks of "I want what I want, and the realities of the situation don't matter to me - I want it!" I wouldn't put up with that from my 4 yo, and yet you are proud of it. Interest only, on a $300,000 debt, for the last 5 years? And then you have three kids? And then you leave the workforce? I understand you want to be a SAHM, but there are lots of things I want that I can't afford. Getting them woudl put my family in a precarious financial situation. So you know what? I don't have them. That's what grownups do. Sorry for the rant/lecture, but this really is astonishing.

I totally agree. But this kind of attitude shouldn't baffle us. Look at the housing and credit crisis - clearly a lot of people think this way.

What does having a BA or an MA have to do with having common sense and really having a grasp of financial matters? We were both in the humanities. We were late bloomers in the finances department, ok? You don't know what you don't know when you don't know it. I don't see why that's so offensive to you. As I said, we are the only ones who are paying.

You know, the PP above talks as though having a family is just an expensive hobby. Just a material desire like any other. Sorry to offend the financial hall monitors on this site, but that's not how my DH and I view it. Having a family was important to us, and biologically speaking, we had to do it when we did or else never have one. There will be time to pay off the loans in the future, but once your reproductive years are over, they're over. Same thing with my leaving the workforce. To begin with, I was not making a lot of money anyway (a lot of lawyers don't), so it wasn't as big a sacrifice as you seem to think. The decision for me to SAH was mutual. My kids will only be young for a short time. Our values are such that having a parent at home is worth financial sacrifices. If others don't see this as important, that is their choice. We are entitled to our choices even if they do not comport with the sensibilities of the "suck it up" crowd. Making mistakes in life is and should be a learning experience, but it does not need to ruin the rest of your life. That is the message I was trying to convey to the OP. I cannot believe that anyone here would actually say that someone who made a mistake by taking out student loans should then have to forfeit having children because of it. THAT is astonishing and incredibly cruel.

No one said you shouldn't have children. Just that you acted irresponsibly in some people's opinions. Shrug. If it's not holding you back financially and your husband can still adequately fund your lifestyle, savings, college, and retirement, than no use getting defensive about it.

[Anonymous]

Making mistakes in life is and should be a learning experience, but it does not need to ruin the rest of your life. That is the message I was trying to convey to the OP.

That is absolutely right. It does not appear, however, that it has been a learning experience in your case.

[Anonymous]

Anonymous wrote:

Making mistakes in life is and should be a learning experience, but it does not need to ruin the rest of your life. That is the message I was trying to convey to the OP.

That is absolutely right. It does not appear, however, that it has been a learning experience in your case.

I have to agree. It's incredibly poor financial judgment that PP is exercising. I can understand not postponing parenthood but it's downright irresponsible to SAH with that amount of debt paying interest only. This decision has as life-long repercussions as taking the debt in the first place. You don't have to go work 80 hour weeks in biglaw, there are other options so that you have work-life balance. It takes having skills, though, that you put you in demand such that you can dictate your hours and availability.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Ok, I was younger than he was! I went straight through. He took out the masters degree loans when he was young (22). Then he went to law school so he could pay off the masters degree ... because like a lot of prospective law students he was led to believe that job prospects and salaries were better than they actually turned out to be.

Sorry, you can't play the "youthful indiscretion" card when you are 22 years old with a BA. And him - 25, with a Masters he already was in debt for? And you say, "we were young, we didn't know any better?" Aargh.

And count me among those who question your subsequent choices, PP. It's none of my business, of course, but I just can't fathom owing $300,000+ combined, and then taking on a mortgage, and then having kids, and then having person quit. That's nuts. Your whole attitude reeks of "I want what I want, and the realities of the situation don't matter to me - I want it!" I wouldn't put up with that from my 4 yo, and yet you are proud of it. Interest only, on a $300,000 debt, for the last 5 years? And then you have three kids? And then you leave the workforce? I understand you want to be a SAHM, but there are lots of things I want that I can't afford. Getting them woudl put my family in a precarious financial situation. So you know what? I don't have them. That's what grownups do. Sorry for the rant/lecture, but this really is astonishing.

I totally agree. But this kind of attitude shouldn't baffle us. Look at the housing and credit crisis - clearly a lot of people think this way.

What does having a BA or an MA have to do with having common sense and really having a grasp of financial matters? We were both in the humanities. We were late bloomers in the finances department, ok? You don't know what you don't know when you don't know it. I don't see why that's so offensive to you. As I said, we are the only ones who are paying.

You know, the PP above talks as though having a family is just an expensive hobby. Just a material desire like any other. Sorry to offend the financial hall monitors on this site, but that's not how my DH and I view it. Having a family was important to us, and biologically speaking, we had to do it when we did or else never have one. There will be time to pay off the loans in the future, but once your reproductive years are over, they're over. Same thing with my leaving the workforce. To begin with, I was not making a lot of money anyway (a lot of lawyers don't), so it wasn't as big a sacrifice as you seem to think. The decision for me to SAH was mutual. My kids will only be young for a short time. Our values are such that having a parent at home is worth financial sacrifices. If others don't see this as important, that is their choice. We are entitled to our choices even if they do not comport with the sensibilities of the "suck it up" crowd. Making mistakes in life is and should be a learning experience, but it does not need to ruin the rest of your life. That is the message I was trying to convey to the OP. I cannot believe that anyone here would actually say that someone who made a mistake by taking out student loans should then have to forfeit having children because of it. THAT is astonishing and incredibly cruel.

I disagree. No one is saying don't ever have kids, but financial obligations should factor into when to have kids if at all possible, and certainly how many kids to have. OP has three children and says she's likely to have a fourth. That's a lot of kids to support when she swimming in debt.

[Anonymous]

DH had $150k from law school and we have paid off a good portion of them and locked in the rest at low rates. For the first few years of our marriage, his debt was a major strain on our finances and we put off having kids for a year or so to focus on paying it off. I can't imagine how we would have managed if we had both had that kind of debt.

I don't think either of us really understood the burden of taking on such high debt in our early 20s. Growing up in middle class/upper middle class community, I had examples all around that anyone with a law degree or medical degree from a prestigious university can easily afford a comfortable life. People never talked about things being tight financially or paying off debt in my famluy, so it just wasn't something I ever thought to worry about.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Making mistakes in life is and should be a learning experience, but it does not need to ruin the rest of your life. That is the message I was trying to convey to the OP.

That is absolutely right. It does not appear, however, that it has been a learning experience in your case.

I have to agree. It's incredibly poor financial judgment that PP is exercising. I can understand not postponing parenthood but it's downright irresponsible to SAH with that amount of debt paying interest only. This decision has as life-long repercussions as taking the debt in the first place. You don't have to go work 80 hour weeks in biglaw, there are other options so that you have work-life balance. It takes having skills, though, that you put you in demand such that you can dictate your hours and availability.

But, but, but . . . she wants to stay home! Don't you understand? She WANTS to! What does it matter that they're carrying around a mortgage-sized debt that hasn't shrunk in the slightest in the last 6 years? Why should that matter?

[Anonymous]

It seems to me that there are a few people on this board who think getting an education and having kids are an entitlement. Please! Then, you talk about loan foregiveness, etc. This mentality is completely disgusting.

[Anonymous]

PP Why would you possibly care what their financial situation is? or jump to the moronic, baseless conclusion that they suck at their jobs? The question posed by the OP was "Does anyone else owe a TON in student loans" it was NOT - Please feel sorry for me and DH, please judge my decisions, please criticize my ability to manage my finances or, even more outrageously, my ability to perform my job. It was a "is anyone else out there." I guess now we know, you're out there, PP, and you're a total moron.

Yes I would want to know the financial pressures on my lawyer and doctor. They could easily be start recommending unnecessary procedures and other things to generate fees.

"Concerned about rising rates of employee theft and fiduciary issues, more employers are conducting credit background checks on applicants for some positions. Companies say the financial information can offer insight into a candidate's level of responsibility. But people whose previously solid credit has been damaged by the economic downturn say they are victims of circumstances beyond their control."
http://online.wsj.com/article/SB10001424052748703909804575123611107626180.html

[Anonymous]

show me the money... I got student loans

http://www.washingtonpost.com/business/economy/lawyer-charged-in-multimillion-dollar-insider-trading-scheme/2011/04/06/AFn6n9pC_story.html

http://norcallaw.com/_webapp_1197332/$442_Million_for_Unnecessary_Heart_Surgeries_and_Procedures

[Anonymous]

Anonymous wrote:It seems to me that there are a few people on this board who think getting an education and having kids are an entitlement. Please! Then, you talk about loan foregiveness, etc. This mentality is completely disgusting.

You're confused. The poster who stays at home who everyone is attacking is not talking about loan forgiveness. Also, the OP specifically stated she's paying her loans back and is not seeking out loan forgiveness. So what/who are you talking about? I think you've mixed the posts up. Also, since you seem to think the manner in which certain people have pursued their education and the way they've planned their famlies represents a disgusting mentality, why don't you provide some information on your education and family planning? Who knows, your situation may make a lot of people sick too.