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Reply to "Student loans and salary survey"
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[quote=Anonymous]Loans: currently 85k I think, started closer to 120k Salary: 185k Payment: 600-700/month (yes, I really should know, but I don't, the benefits of automatic payments/savings/etc) Worth it: Eh, that's not a full yes/no question. Wish I'd done college differently (say, state school), but not sure that would have worked out as well. Law school is what it is. Other grad degree in there too. That said, even from day 1 out of college, loans have really dictated my career options/choices and other things. I couldn't afford more than interest only out of college. The loan payments have always made it impossible for me to pursue XYZ - the job/type of job I really wanted/want, etc. The years of no progress on principal didn't help, and the years back in school accumulating more interest also didn't help. Dare I say the nearly 7% stafford loan interest rate sucks too. Nor did having a kid and having to pay childcare costs in DC, or for special needs therapies etc. Childless, single, for longer, at the salary I started at, would have made a larger dent. But some things don't take to waiting very well. And certainly without the degrees I'd have fewer options (or potential options I can't really pursue right now from a finances perspective). So it's not really an easy yes or no question - yes in some ways, no in others. I certainly know many law school classmates for whom it wasn't worth it. And plenty from undergrad who similarly struggled with their (much smaller than my ultimate total) debt.[/quote]
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