I saw my three older sisters go through it and I was like nope. I joined the Air Force first then I got out and used my GI Bill. I got paid to go get my Bachelors. One of my sisters actually ended up joining the Marines after she graduated because they paid off her student loans.
Yep, private loans have substantially higher interest rates.
The loans suck because even with a $1,000 payment, you still feel as if you didn't make a dent, and the interest is building literally everyday. It puts a lot of independence-type spending on hold. It requires a discipline to sacrifice enjoying several things, during your prime years, just so that you can alleviate the burden.
If I only knew what was coming at 17...
Some people are in for a rude awakening when their loans are forgiven after 20 some-odd years, but the giant tax comes into play.
I'm sorry, 2000 a month? How is that remotely possible?
That's about where I started at when I graduated. I just got it under $20k a few months back. I was lucky to get a decent paying job out of school, so I've been paying extra on mine each month and am about 2 months ahead, so at least I've got some cushion should something unexpected happen.I'm finishing at $23k in student debt and even that relatively low number stresses the absolute fuck out of me.
Damn, was it a specialized program?I went the Associates degree route and still finished with $15k in debt.
Whatever gets forgiven counts as income. So if you make $50k, and have $40k forgiven, your taxes for that year will be like you made $90k.How does the tax work after the 20-25 year period has expired? My understanding is that basically the year that it expires you'll be taxed since the amount left on the loan is forgiven but is also taxable, and it throws you in a tax bracket much higher than you are actually in since it is combined with your income for that year? Not sure if this is fully correct.
I'm getting an associate degree and it feels great knowing that I'll graduate with much more debt than my parents had when they were finished with their masters degrees. Fuck this country.I went the Associates degree route and still finished with $15k in debt.
Whatever gets forgiven counts as income. So if you make $50k, and have $40k forgiven, your taxes for that year will be like you made $90k.
In the UK student loan payments are so stress-free. You don't pay anything back until you're earning like £18,000 and even then it's not much, and if you haven't paid it off in 25 years it gets written off anyway.
Okay, now imagine that you have a private loan ineligible for income based repayment adjustment and the payment is only $100 less than you make per month.I have 40k, but having nightmares is a bit millennial dramatic really.
Okay, now imagine that you have a private loan ineligible for income based repayment adjustment and the payment is only $100 less than you make per month.
And rent is due.Okay, now imagine that you have a private loan ineligible for income based repayment adjustment and the payment is only $100 less than you make per month.
My loans will be mostly paid off when I'm in my 40's. It's basically a mortgage without having a house.
Goddamn, that's an insane amount.Paying about 1800 a month, but that wouldnt pay it off before PAYE forgiveness at year 20.
Its honestly a travesty that theres an income cap on student loan interest. A total travesty that shows the age and ineptitude of congress.
Goddamn, that's an insane amount.
170k
Wife has 40k and stays at home with our son.
I make my last payment next month. I'm 44. Was in college at age 24. Loans suck.