Reply to How to minimize monthly interest ($550/month) accruing on student loans?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, what kind of degree do you have and do you make?  Just trying to wrap my head around the amount of student loan debt you have.[/quote]
Not OP but my husband had almost this much student loan debt.

Just from law school, since he had a full ride to college.

This was twenty years ago.[/quote]

Yeah seriously. I graduated law school 18.5 years ago with $160k in loans. Now I hear of kids graduating with two and three times that much. (Which blows my tiny little mind - I am still 4 years from being done with my loans; I can't imagine how these new grads are ever going to get done with theirs).[/quote]

My son just graduated from UVA with a business degree in 2016. Including EVERYTHING, his education was 136K for 4 years (this included food and entertainment).  He worked PT during the school year and FT during the summer except one summer he had an internship.  his required contribution to his education expense was 20%.  With that motivation he secured himself 20K in scholarships, and contributed another 7K of his own hard earned money and had much of his own income left over for travel and fun. If we had not been there to help him, he would potentially have 109K in loans and this is in 2016. A kid in his shoes without parental help, could easily cut that loan in half by paying cash from jobs for 50% of the cost of their education without even breaking a sweat.  His first job out of college was for 70K, he started a new job at the start of 2018 with a salary of 110K.

What blows my mind, is what moron graduates with hundreds and thousands in debt?  If you want a mid 6 figure education, you need to have wealthy indulgent parents to fund that. I feel absolutely no sympathy for bad financial choices. If my son had wanted to go to an out of state or private school, I would have looked at myself in the mirror and wonder how I had raised such a financially illiterate child.[/quote]

You are an idiot.  You said his education cost 136K.  To pay half that "without breaking a sweat" would require  about 68K after taxes, so lets call that 80K in earnings over four years before taxes. What mythical college student can earn 20K annually while attending classes full time?  At typical high-school graduate hourly pay, you are going to need to work 30-40 hrs a week for 50 weeks a year to make that money.  Good luck attending class, studying and sleeping while working basically full time hours with a tiny number of days off.  And 70K is not the average salary for a college graduate. Further the high student debt loans on this thread are largely from graduate school, which is an entirely different ball game, and which has very few scholarships.  Its not unreasonable for people without wealthy parents to want to be doctors or lawyers - "cheap" accredited law schools and med schools don't really exist.  I went to an inexpensive in state law school (which is no longer inexpensive) and paid my loans early, but I do not fault my peers who were not so lucky.  They did the same thing that the previous generation did - get good grades and go to professional school.  Its just that the cost of these schools rose exponentially with no corresponding rise in salaries.  Tuition at my state law school rose by about 40% in the 3 years I was there - what exactly were the students supposed to do about that?[/quote]

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