If you had student loans, how long did it take to pay them off?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is an eye-opening thread. Parents need to do their best to save for their kids college and maximize their education dollars by using all available options - including state schools.

Why? A loan won't kill you.

It won’t kill you, but it is better not to be so much in debt if there is a way to avoid it. State schools are wonderful options.

They are, but I wouldn’t discount private universities entirely. Oftentimes they give you more aid, bringing the cost close to that of a state school. Unless you’re living at home and commuting, state schools are not the cheap bargain they used to be.

This. And there are differences in the privates for how much aid they have. I got into both Princeton and Wellesley (did not attend either) and Princeton was cheaper. My parents are actual working class though. If I were applying now, all the top schools would be free for me.

Some debt is ok. I don’t have credit card debt or a car payment. I own a house. Student loan debt has never prevented me from anything. I have always paid on time. I paid one off already so it isn’t a factor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is an eye-opening thread. Parents need to do their best to save for their kids college and maximize their education dollars by using all available options - including state schools.

Why? A loan won't kill you.

Wow, you're dumb.

[Anonymous]

I had about 65k when I left grad school in 2014. Primarily grad school, some undergrad that had been deferred. I’ll make my last payment this summer. Husband and I always made it a priority when we had a good chunk of money to pay down loans. I also had the benefit of a work retention program that has paid a total of about 20k over the last 3 years. After undergrad, I made above minimum payments even though I was working at a nonprofit with a sh*t income. We bought a house in 2016 with 15% down, so theoretically we could have used that down payment to pay off our loans but we had paid off the highest interest rates by then and decided it was the right choice for us. We have had very high credit scores over the years as well.

Husband had much less debt (no grad school and more parental help), and we just paid his off last month.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is an eye-opening thread. Parents need to do their best to save for their kids college and maximize their education dollars by using all available options - including state schools.

Why? A loan won't kill you.

Wow, you're dumb.

No, there realistic. Not everyone is privileged.

[Anonymous]

I went to state school for engineering undergrad and graduate school and also law school. Only took out some loans for graduate at the end and law school. Rate is very low and I still have maybe $20k or something. I got out of school ten years ago.

[Anonymous]

Before I met my husband, I had 75k in debt from grad school. Since I was on my own and never expected anyone to support me financially, I lived extremely frugally and worked extra jobs on the side for a handful of years. I ended up saving about $60k. I kept the money in my account a few years after meeting my husband and after we felt secure in a few other areas (paying for daycare etc), I made a huge dump payment. My loan payment of $300 per month went from around 50% going to interest to about $25 per month. I'm considered paid ahead for about 10 years. While I'd love the loan to be gone, the monthly interest is now low enough on the remaining balance that I feel comfortable with going back to regular payments and perhaps paying ahead again when the kids are out of daycare.

[Anonymous]

Anonymous wrote:Before I met my husband, I had 75k in debt from grad school. Since I was on my own and never expected anyone to support me financially, I lived extremely frugally and worked extra jobs on the side for a handful of years. I ended up saving about $60k. I kept the money in my account a few years after meeting my husband and after we felt secure in a few other areas (paying for daycare etc), I made a huge dump payment. My loan payment of $300 per month went from around 50% going to interest to about $25 per month. I'm considered paid ahead for about 10 years. While I'd love the loan to be gone, the monthly interest is now low enough on the remaining balance that I feel comfortable with going back to regular payments and perhaps paying ahead again when the kids are out of daycare.

Did you make sure that lump sum payment went all toward principal. A friend did the same thing and did not call in to specify that the payment should go to principal. What a shocker there for her once she pulled up from the roses and looked at her SL account.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is an eye-opening thread. Parents need to do their best to save for their kids college and maximize their education dollars by using all available options - including state schools.

Why? A loan won't kill you.

Wow, you're dumb.

No, there realistic. Not everyone is privileged.

If you don't know your there, their, and they're, you really need a refund.

[Anonymous]

I went to a state school on a full scholarship (engineering). I had about $60K in loans for grad school. I lived very frugally and paid it off within 4 years of graduating. I really didn't want to get married/ have kids and still have student loans.

[Anonymous]

10 years.

[Anonymous]

Anonymous wrote:I went to a state school on a full scholarship (engineering). I had about $60K in loans for grad school. I lived very frugally and paid it off within 4 years of graduating. I really didn't want to get married/ have kids and still have student loans.

This is the part that many with student loans don't grasp or don't want to grasp. You don't need to immediately upgrade your lifestyle to near the level that would be commensurate with the earnings increase after graduation - especially if you are not married and have children.

[Anonymous]

33k-13 years

[Anonymous]

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