Join Date: Nov 2004
Location: The Heart of the Heartland
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Combined, DH and I have slightly over $150K in student loans. That's for one private school BA, one public school BS, and one law degree. Neither of our parents contributed to our educations, and since DH had to wait until he was 25 to go to school so as not to be considered a dependent of his parents and be eligible for financial aid, living at home wasn't a possibility.
Yes, it was expensive, especially the BA which I only got because it's necessary to go to law school in the US (and not anywhere else in the world, which sucks). But I more than doubled my hourly salary and I work in a low-paying job for an attorney (corporate, in-house), and have a decent expectation of some nice raises in the next 5 years. The payments are painful, at about $700/month, but that's mainly because of daycare costs. They are getting better under the new student loan program that starts next year which will limit them to 15% of our disposable income. But the student loan payments are only a quarter of my take-home, which doubled because of my degree, so I feel like I got a good value.
As far as saving for kids college, we put away what we can. I'm not worrying too much about it at this point, because my kids are little (2 and 2 months) and I have to pay for daycare. When they're old enough to be in school and our daycare bills go down, we'll put that money into college and retirement. But while I want to give my kids s good chunk of help, I'm not trying to pay for everything for them.
Spending all of my money and time on this wild, wild life.