How much Student Loan debt do you have? - Mothering Forums

View Poll Results: How much Student Loan debt do you have?
$0 47 27.49%
Under $15k 37 21.64%
$15-25k 30 17.54%
$25-50k 27 15.79%
$50-75k 11 6.43%
$75-100k 9 5.26%
$100-125k 2 1.17%
over $125k 8 4.68%
Voters: 171. You may not vote on this poll

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#1 of 52 Old 01-04-2008, 10:24 PM - Thread Starter
 
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Just wondering...

Please add any thoughts you have on paying it down!
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#2 of 52 Old 01-04-2008, 10:27 PM
 
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Right now about $36,000. For right now, I'm following Dave Ramsey's Debt Snowball, and making the minimum loan payments each month while I knock out my consumer debt. Once that is done, I plan to aggressively pay down the student loans.
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#3 of 52 Old 01-04-2008, 10:39 PM
 
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We are still currently in school and haven't taken out much in student loans yet, but by the time we are done we hope to keep it around 35K. We will begin paying in two years once dh graduates, then pay off mine when i graduate two years after him.

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#4 of 52 Old 01-04-2008, 10:39 PM
 
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We don't have any. My parents paid for my college education. DH had $20-25K in student loan debt when we got married (I don't remember exact numbers).

I don't have any novel ideas about paying it off, we just paid it slowly over time. We put extra money towards the payments whenever we could, and were able to get it paid off completely after a couple of years. As DH worked his way into higher paying jobs, it got easier to make extra payments. We made it a priority to pay off our debt. It wasn't easy, but it felt so good when we were finally free of those loans.

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#5 of 52 Old 01-04-2008, 11:44 PM
 
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I think it will be just under 15k this year. Mine is around 3k which will be payed off asap after consumer debt but not sure about DH's loans since we have them at 1.2% or was it 1.6%? Anyway, really low and we could make money off savings before paying that off. The truth is that it will be a few years before all the other stuff is payed off and we really even consider it.
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#6 of 52 Old 01-04-2008, 11:49 PM
 
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Between DH and me it's well over $125,000. He financed three degrees (BS, MA, PhD) partially using student loans.

I financed part of a BS and most of an MA and my total is somewhere around $35,000.

We decided long ago that it was just a monkey on our backs and to figure we'll nearly always have that debt.

I honestly thought I'd have mine paid off in about 5 years - I didn't plan for my son to develop OCD and require nearly constant care and be unable to attend school. I ended up leaving my career after only about 2 years to be his full-time caregiver.
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#7 of 52 Old 01-05-2008, 12:50 AM
 
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I have a masters degree. I had two long internships with no pay and worked as a GA for 2 years with minimal pay (570 per month after taxes). I was also really not into frugal living and sucked at trying to live like a poor college student (liked eating out, buying books etc). My parents footed a large part of my college and I if I was more mature about all of it, I easily could have left with no debt or at least kept it to under 10k.

My dad paid off my student loan 3 years ago to save me the interest. I am paying him back each month and will be paid off in 2008.
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#8 of 52 Old 01-05-2008, 01:23 AM
 
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We fall into the $125K+ category, but just barely.

We have no intentions of paying them off early. Mine are on the 20 year plan, DH's are on the 30 year plan, and I think we're maybe 3 or so years into paying them off. I really don't know to be honest.

We wouldn't ever put extra money towards them for two reasons. One is they are all between 2-4%, so whatever extra money we might put towards them would make more in interest if invested elsewhere, so we choose to save more aggressively for retirement, college funds, etc. Two is the fact that if one of us were to die or become permanently disabled, we wouldn't have to repay them anyway. I'd hate to know we sunk tens of thousands of dollars into repaying loans early that would have gone away in the unfortunate event of something happening to either of us.
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#9 of 52 Old 01-05-2008, 01:27 AM
 
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Quote:
Originally Posted by wifeandmom View Post
We fall into the $125K+ category, but just barely.

We have no intentions of paying them off early. Mine are on the 20 year plan, DH's are on the 30 year plan, and I think we're maybe 3 or so years into paying them off. I really don't know to be honest.

We wouldn't ever put extra money towards them for two reasons. One is they are all between 2-4%, so whatever extra money we might put towards them would make more in interest if invested elsewhere, so we choose to save more aggressively for retirement, college funds, etc. Two is the fact that if one of us were to die or become permanently disabled, we wouldn't have to repay them anyway. I'd hate to know we sunk tens of thousands of dollars into repaying loans early that would have gone away in the unfortunate event of something happening to either of us.
why would you not have to pay them if you die? wouldn't they come after the estate? (I am dealing with this from my deceased husband is why I ask, but it's not student loans~just general debt)or do you mean your life insurance payout would cover it? just wondering how they would "go away"..

Blissful Mama to DD-(5), DS-(6) and someone new due in November!
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#10 of 52 Old 01-05-2008, 01:41 AM
 
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Right now none as we have paid my college out of pocket. I am now attending full time and we are taking out a student loan mostly to pay for childcare while I am in school. I am going thru a 1 year LPN program. The hope is to fully pay off the student loan within 18mo (it will be around 8k) as for if we will take out another loan when I start my RN/BSN it really depends on finances.

Pax, loving wife since 2001, Mother of DD1 (12) and DD2 (8 1/2). Entering our 5th year of Homeschooling: Eclectic mix of curriculum and child interest lead. Backyard urban chicken chasers.
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#11 of 52 Old 01-05-2008, 02:14 AM
 
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I have $18 000 in student loans. Ugh. But they're really easy goin about paying them back up here (Canada).

My hubby is native so all his schooling is paid for. Lucky bum.
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#12 of 52 Old 01-05-2008, 02:25 AM
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Quote:
Originally Posted by rainbowmoon View Post
why would you not have to pay them if you die? wouldn't they come after the estate? (I am dealing with this from my deceased husband is why I ask, but it's not student loans~just general debt)or do you mean your life insurance payout would cover it? just wondering how they would "go away"..
Student loans are special where they are forgiven if you die or are permanently disabled. They are also special where they cannot be wiped out by bankruptcy. They are yours until you die or pay them off.
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#13 of 52 Old 01-05-2008, 02:32 AM
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DH and I owe about $30,000 together and almost all of that is mine. Right now we are paying off a credit card of DH's that is higher than I thought and after that we will be aggressively paying off my student loans because I am tired of thinking of them. I would like them to go away but they just won't. DH's student loans are currently in forbearance because he is a grad student. I think it will be pretty easy to knock those out when he graduates and gets a job.

I am throwing the biggest party when those loans are paid off.
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#14 of 52 Old 01-05-2008, 09:41 AM
 
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I had $7000 of debt when I finished. That's been nearly 20 years ago, though and it has been long, long paid off. Dh earned his PhD and it was all paid for by scholarships. That was nearly 30 years ago, though. :
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#15 of 52 Old 01-05-2008, 11:38 AM
 
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I owe 20,500something. My husband has no student loan debt.

I have no real intention of paying more than the minimum for awhile. The loans were all originated as subbed Stafford loans consolidated at 2.875%, so there is no real rush. I think 5,000 of the amount I took out really was necessary and the rest was just stupidity and irresponsibility. :
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#16 of 52 Old 01-05-2008, 11:50 AM
 
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with interest if I take the full 20 years to pay them off, $6,890 or something like that. Just under $7k anyways.

We have talked about paying it off while DH is deployed and we have the extra money, since we want to buy a home when he comes back. But if it's not going to affect our ability to get a house, I may just let it ride and pay the minimum for awhile, maybe put some of our excess income once we reach that point into it.
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#17 of 52 Old 01-05-2008, 12:16 PM
 
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I have none - whoo hooo! However, DH has $18K, so technically that's "mine." Those SLs are last in line in our debt snowball, scheduled to be paid off by the end of 2012.
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#18 of 52 Old 01-05-2008, 12:24 PM
 
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None. I joined the Navy right out of high school for a 30k college fund.
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#19 of 52 Old 01-05-2008, 12:28 PM
 
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i have roughly 29,000 dollars, and dh has a little over that too.... but we are going to pay off all consumer debt, try to sell our house and move, and if we do that we can pay down the loans.... and them try and pay more each month on them.

Kristin- Wife to J, Mommy to B (11), M-S (8), and little J (4) and J&J (7 months)
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#20 of 52 Old 01-05-2008, 12:32 PM
 
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I took out $100k for law school. My undergrad and graduate educations were funded by scholarships and graduate assistantships. In our household, my law school loan is just another bill...I've been paying them off on a 20 year plan and will continue to do so until the loans are paid off. I consider it an investment since the return has been much greater than the loan itself. I know that many people consider student loans a liability, but if it can put you in a better position than you were in before, it certainly pays off. In our case, it certainly did.

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#21 of 52 Old 01-05-2008, 04:31 PM
 
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$0

We paid ours off when our oldest started college. That was awful so we decided that our children would not have that same legacy. So, we work hard to put them through college without any loans.
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#22 of 52 Old 01-05-2008, 04:40 PM
 
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We both had a total of about $21k. We have been paying for a couple of years, but still owe about $19k at least.

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#23 of 52 Old 01-05-2008, 05:11 PM
 
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$0! Paid it off last month. I owed $18000 and Shawn $4000, plus we had about $8000 in CC debt from school, when we ran out of money.

Its all gone. We graduated last October.
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#24 of 52 Old 01-05-2008, 08:45 PM
 
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Originally Posted by lalaland42 View Post
Student loans are special where they are forgiven if you die or are permanently disabled. They are also special where they cannot be wiped out by bankruptcy. They are yours until you die or pay them off.
wow that is special! I had no idea! good to know!

Blissful Mama to DD-(5), DS-(6) and someone new due in November!
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#25 of 52 Old 01-06-2008, 01:31 AM
 
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Originally Posted by rainbowmoon View Post
why would you not have to pay them if you die? wouldn't they come after the estate? (I am dealing with this from my deceased husband is why I ask, but it's not student loans~just general debt)or do you mean your life insurance payout would cover it? just wondering how they would "go away"..
Federally backed student loans do not have to be repaid in the event of the borrower's death or permanent disability.

This is one reason I would never consolidate BOTH of our loans together, because we'd BOTH have to die or become disabled for it to all 'go away'.

I am not sure how other general debt works though. For example, if your deceased DH had a credit card in his name only, what happens to that debt? I've always assumed it would have to be repaid if there was money in his estate to do so, but I could be wrong.

Student loans are a whole other beast compared to consumer debt, mortgages, etc.
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#26 of 52 Old 01-06-2008, 05:08 AM
 
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I chose the $25-50 K option.

I actually don't have any student loans of my own off as we paid them off a year and a half ago, but we're still chipping away at DH's. Since paying off a few other debts, this and the house are all we've got left so the student loan is the priority right now.

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#27 of 52 Old 01-06-2008, 01:48 PM
 
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Curently around $11000, but it was closer to $20 when I started paying it off.
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#28 of 52 Old 01-06-2008, 02:35 PM
 
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Quote:
Originally Posted by wifeandmom View Post
Federally backed student loans do not have to be repaid in the event of the borrower's death or permanent disability.

This is one reason I would never consolidate BOTH of our loans together, because we'd BOTH have to die or become disabled for it to all 'go away'.

I am not sure how other general debt works though. For example, if your deceased DH had a credit card in his name only, what happens to that debt? I've always assumed it would have to be repaid if there was money in his estate to do so, but I could be wrong.

Student loans are a whole other beast compared to consumer debt, mortgages, etc.
actually DH had 2 substantial credit card debts. one went to arbitration and was completely forgiven. the second one is in collections now. I likely won't have to pay it unless they get a judgement against the estate. (likely a lein on my house if I don't settle) but it doesn't look to be the case (it's been almost 2.5 years, the first credit card went to arbitrationn within 6 months of his death) they are both in his name and were his before we married. my lawyer says wait and see.

Blissful Mama to DD-(5), DS-(6) and someone new due in November!
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#29 of 52 Old 01-06-2008, 03:04 PM
 
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wow. i have you all beat! we are around 250,000+
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#30 of 52 Old 01-06-2008, 04:28 PM
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zero. I had scholarships and worked to pay for books, etc .

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