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 Post subject: How much School Loan debt do you have?
PostPosted: Tue Mar 11, 2008 10:05 am 

Joined: Mon Mar 10, 2008 7:47 am
Posts: 2
Hi everyone, new here. Great site btw.

For those who have graduated college, how much debt did you end up with in school loans? If you don't mind stating what your degree is or the length of time you were in school, that would be great too.

I've been in school for the last 7 years (intermittently, part-time). I am sort of a late bloomer, didn't know exactly what I wanted to do at first and took a bunch of classes I didn't need. A couple of years ago though I finally decided on my career path, and I will be obtaining my associates by the end of this year. Unfortunately, I find myself with 15k in school loans already.

And now, with my husband supporting me 100%, I have decided to pursue my B.S. which should take me another 2.5 years. I have everything laid out for the next two years, I know exactly what I need to take, but the problem is that I will probably need to borrow another 20k which means I will end up with a grand total of 35k in school loans give or take. Seems like an awful lot to me.

Anyways, that's my story. How much debt do you have in school loans?


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 Post subject:
PostPosted: Tue Mar 11, 2008 10:10 am 

Joined: Fri Feb 08, 2008 11:30 am
Posts: 39
ep - congrats on finding your calling!

Between scholarships and helpful parents, I got out of undergrad debt-free, but am considering going back for an MBA which would put me as much as $30K in the hole.
My boyfriend graduated grad school carrying nearly $40K in loans.

When you have many years of schooling, whether it's all undergrad or not, sometimes debt happens. The good news is, this debt is often tax advantaged and less likely to negatively affect your finances than high-interest CC debt.


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 Post subject:
PostPosted: Tue Mar 11, 2008 10:18 am 

Joined: Tue Oct 23, 2007 7:07 am
Posts: 193
Graduated undergrad in 4 years, just over 2 years ago with 60K in loans. My degree was a BA.
Could have been worse, total cost for those 4 years was in the 150K range but I was able to get a decent amount of student aid and worked throughout.
I am currently attending graduate school which I am splitting the cost of between work and out-of-pocket - I do not plan to borrow any more.


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PostPosted: Tue Mar 11, 2008 10:45 am 

Joined: Mon Mar 10, 2008 7:47 am
Posts: 2
leeniz wrote:
ep - congrats on finding your calling!


Thanks, I only wish I would have found it sooner! And that's wonderful you graduated without any debt.

For those who are pursuing or looking to pursue a graduate degree, I wish you the very best of luck. I'll be happy when I get my humble little associates degree, but I'll be estatic when I obtain my B.S. :D


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 Post subject:
PostPosted: Tue Mar 11, 2008 11:26 am 

Joined: Sun Jun 10, 2007 3:19 pm
Posts: 621
Location: Minneapolis, MN
I got my B.A. with somewhere around $10K in loans. They got paid via credit card balance transfers, which were at a much lower rate.

Now I'm in graduate school, so I have school loan debt again. I expect to have around $20-$30K in debt when I graduate. I also expect to get paid about that much more per year shortly thereafter, so it's ok. I'm pretty sure.


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 Post subject:
PostPosted: Tue Mar 11, 2008 11:43 am 

Joined: Fri Jun 01, 2007 3:38 pm
Posts: 42
I was in school for 5 years (I changed majors once). I got a degree in Management Information Systems from a Big Ten school and graduated with between $75K and $100K in student loans. I'm down to one loan that I am paing on that has about $20K left on it and a PLUS loan that I need to pay my parents back for eventually(about $40K or so I think) and $2k that I owe my grandmother becuase she paid off a loan that she had co-signed on without asking me.

Then we have my husbands loans. I do not know for certain the exact details of his, but I think they were a bit less than mine and we are slowly chipping away at them as well.


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 Post subject:
PostPosted: Tue Mar 11, 2008 12:09 pm 

Joined: Mon Apr 30, 2007 11:03 am
Posts: 297
Location: Michigan
About 10k. I left school with 13.5k in loans. I attended for 3.5 years and graduated with a B.S. from a small engineering college. Much of my education was paid for in the form of scholarships, but my final two years my mother remarried and I became ineligible for some of my need-based aid, which is when I had to get the loans.

At the moment they're at 2.75% and with the federal deduction for the interest it comes out to about 2%, which--at least IMHO--isn't worth paying off in any hurry.


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 Post subject:
PostPosted: Tue Mar 11, 2008 1:10 pm 

Joined: Wed Oct 17, 2007 5:50 am
Posts: 295
I did not borrow any money to go to college (got scholarships to go to a state school), but I went on to law school from there and graduated with $115,000 in student loans. I have paid them down to about $54,000 and should be able to pay them off by the end of August.


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 Post subject:
PostPosted: Tue Mar 11, 2008 5:39 pm 

Joined: Wed Feb 06, 2008 7:55 pm
Posts: 11
I graduated with about $35,000 in undergraduate school loans. It took about 5 years and I got my B.S. from an out of state school so that didn't help. Mother remarried after my first year so I lost all need based grants/scholarships and had to take out loans to finish out my degree. I'm completing my MBA in 8 weeks with no additional debt (company paid).


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PostPosted: Tue Mar 11, 2008 7:49 pm 

Joined: Wed Apr 04, 2007 9:50 pm
Posts: 752
Location: Vancouver, Canada
I did not take out student loans for undergrad. I put myself through a bachelors degree by alternating work and study and pursuing scholarships. It took me six years, although that included one semester I spent backpacking through Europe (for which I also paid by myself) and one final semester where I was taking one course while looking for work. I worked for a few years and then put myself through an MBA program. I took out a loan for my final semester, but paid it back within the same semester.

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 Post subject:
PostPosted: Tue Mar 11, 2008 9:40 pm 

Joined: Sat Dec 29, 2007 9:30 am
Posts: 568
bsc: 3 years, state school. total cost of education in the $15k range, graduated with $5k in loans. saved up $10k from working full time in high school.
phd: will be here 5 years total, big name school. total cost of education, so far over $200k that i don't even want to know. will graduate with only $11k in loans thanks to fellowships, assistantships, and generally working my tail off.

total 8 years, terminal degree phd, total cost over $200k, $16k in loans. subsidized, no interest until 6 months after graduation. if i get a job right away, by 6 months half of it will be paid off. i'm set on an easily achievable one-year repayment plan on the low end of entry level salaries in my field.

husband will have an aas degree in 2009 at a total cost of ~$5k, all student loans. but we have an asset (that we currently need to use) that will be sold when he graduates and will pay off those loans.


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PostPosted: Wed Mar 12, 2008 5:17 am 
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Joined: Thu Apr 05, 2007 5:20 am
Posts: 515
Location: Birmingham, AL
I was lucky enough to have parents and scholarships that paid for my entire bachelor's education. I came out debt-free.

I'm now getting my MBA at night and my employer is paying for some of it. If I stick with this employer until August of 2010 (when I won't have to repay anything), then I'll owe about $6,000 or so. If I left now, I would owe $15k.

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 Post subject:
PostPosted: Wed Mar 12, 2008 11:59 am 
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Joined: Thu Apr 05, 2007 1:25 am
Posts: 460
Location: England
4 years at Uni, ended up with a masters degree. My total student loan debt was £13k (approx $26k). I'm paying it off deliberately slowly, but if I'd made the effort, I'd have paid it off within 5-7 years.

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 Post subject:
PostPosted: Wed Mar 12, 2008 3:01 pm 

Joined: Sun Mar 09, 2008 7:46 pm
Posts: 40
Location: portland, OR
I'm still trying to get funds together to go to school. My military obligations are not allowing that right now (scheduled deployment to the sandbox coming up JUST in time for the school year! :evil: ).

My loans are about 5K right now. I posted something on this forum though about a cool way to pay for that stuff that the Army has in place.

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PostPosted: Wed Mar 12, 2008 5:29 pm 

Joined: Sat Apr 07, 2007 2:03 am
Posts: 872
Location: Taishan, Guangdong, China
Didn't take out any student loans because I spent 3 years at community college paying $200 per semester and then 3 years at the closest state university at $1500 per semester. Getting a 4 year degree (computer science) in 6 years let me work plenty of hours to pay for living expenses. I also was able to get a lot of experience working with computers so I didn't show up with a blank resume after graduating.

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