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Student Loans

Discussion in 'Off-Topic Discussion' started by deadbolt, Jun 5, 2010.

  1. Jun 5, 2010 at 10:19 PM
    #1
    deadbolt

    deadbolt [OP] do w3rk!

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    So lately I have been really worrying about student loans. I want to go to a college that cost roughly 30k for a whole year. Ill be there for 2 years, for a grand total of around 60k. From my understanding an individual must pay off their loan within 10 years for the interest to be low. If I took out 60k and had to pay it off in 10 years, my monthly payment would be around 700ish. I also looked at FAFSA and they offer an extended payment plan but when I typed in 60k in the payment calculator it said my monthly payments would be around 400ish, but with all the interest, I would be paying around 130,000!! this is insane. MY question for all you graduates out there, how were you guys able to pay off your loans. If you dont mind, please post how much loans were taken out and your success/unsuccessful stories haha..THANK guys.
     
  2. Jun 5, 2010 at 10:21 PM
    #2
    fsbrain03

    fsbrain03 Well-Known Member

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    I have around $60K worth of student loans right now. You have 25 years to pay them off. I am down to 20 years now. I'm gonna be an old old man before my education is paid for.
     
  3. Jun 5, 2010 at 10:26 PM
    #3
    AvsFanTRD

    AvsFanTRD Oh gravity, thou art a heartless bitch!

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    I have around 64k in student loans. I consolidated them all with one company and one of them is a 2% interest and the others are 6% interest so it's not so bad, but I will also be paying for the next 20+ years.
     
  4. Jun 5, 2010 at 10:27 PM
    #4
    deadbolt

    deadbolt [OP] do w3rk!

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    Are you paying 60k + interest? cause when I typed in 60k in the fafsa calculator it turned into like 130ish at the end of 20 years?
     
  5. Jun 5, 2010 at 10:30 PM
    #5
    Dilsky

    Dilsky There go my nipples again!

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    Wow 30k a year? I am just about to finish my University career debt free up here in the great white north. I thought $6000 tuition a year was bad!
     
  6. Jun 5, 2010 at 10:32 PM
    #6
    fsbrain03

    fsbrain03 Well-Known Member

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    Correct, plus interest. I am hoping to start paying htese down quicker. I think that i got somewhere in the range of 2-3%, but yeah it sucks. Last year, I paid around $3K in just interest.
     
  7. Jun 5, 2010 at 10:35 PM
    #7
    Quills

    Quills Well-Known Member

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    OP: It's $60k/$130k for the career of your choice; it's not $60k/$130k for a job you're settling for. You're thinking about it wrong, imo.

    In the alternative, everyone and their mom has a degree. What about a vocational/trade education? Good money in a vocation/trade.
     
  8. Jun 5, 2010 at 10:43 PM
    #8
    jdkeller

    jdkeller How many words can be fit in this s

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    It's not platt college is it?
     
  9. Jun 5, 2010 at 10:49 PM
    #9
    deadbolt

    deadbolt [OP] do w3rk!

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    No its out of state.
     
  10. Jun 5, 2010 at 10:57 PM
    #10
    jdkeller

    jdkeller How many words can be fit in this s

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    I say try and find out if people with that degree from that school have been successful in jobs after graduation.
     
  11. Jun 5, 2010 at 11:11 PM
    #11
    deadbolt

    deadbolt [OP] do w3rk!

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    Thats a good idea. I'm just scared that I won't have a good enough job to be able to pay 600-700 dollars a month. There are so many expenses these days and a student loan should not be one of them!
     
  12. Jun 7, 2010 at 9:21 AM
    #12
    deadbolt

    deadbolt [OP] do w3rk!

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    quick question. if i were to borrow loans through fafsa, after im done with college can i refinance them through another company with lower interest rates?
     
  13. Jun 7, 2010 at 9:28 AM
    #13
    blake1012

    blake1012 Go Braves!

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    30k??? fuck that.

    Go to a trade school/technical school.....you can prob get state grants or something.

    I took the 2 yr trade school route and ended up fine....

    I have a bro in law that went to a tech school for welding and now makes $30/hr....and hes 22yrs old

    What are you wanting to become?
     
  14. Jun 7, 2010 at 9:28 AM
    #14
    Crom

    Crom Outside...

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    I got through College without any loans! A student loan is like mortgaging your brain. I'm not saying its good or bad. If you go through 6 years of medical school, I have been told the student loans can be upwards of 300K. :eek:
     
  15. Jun 7, 2010 at 9:31 AM
    #15
    RichardG

    RichardG Active Member

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    I had to pay for the last year and a half of my college and had a 16k balance when I graudated. Have 3 years left on 15 years of paying. Ended up being well worth the investment for me.
     
  16. Jun 7, 2010 at 9:50 AM
    #16
    bishtacova

    bishtacova Don't buy a Ford

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    Don't do it. You'll have other bills after college such as rent, car, etc. That's a huge note to pay while you are starting out. Find another institution to attend.
     
  17. Jun 7, 2010 at 9:55 AM
    #17
    steve o 77

    steve o 77 braaap

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    No loans yet. Im still on a full ride as long as I can keep a 2.5 GPA which is doable but difficult at my school (New Mexico Tech).

    I suggest either finding a cheaper school or applying for A LOT of scholarships.
     
  18. Jun 7, 2010 at 10:13 AM
    #18
    Richman21

    Richman21 I think therefore I'm a Democrat

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    Student loans suck, but if they are the vehicle that is going to get you there, do it. I would suggest revising your idea of a $30k year school, which I assume is for a Bachelors, unless the degree is so in demand that your salary will be high enough to justify the cost. Look at cheaper schools, like others have suggested. I know I regret taking out student loans to go to an expensive art school only not to complete my degree in the field, it was a life lesson for sure. I went to a state university and completed my Bachelors at about 1/3 of the cost as the art school. And I make much more now than I would have made with a art degree.
     
  19. Jun 7, 2010 at 10:17 AM
    #19
    nomad_archer

    nomad_archer Well-Known Member

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    If you want higher education thats the price you have to pay. There are some variants when it comes to price and a few factors you can control. First off try to go in state and to a state school because the private schools will kill you and you have zero chance qualifying for state educational grants. I have about 100k left in student loans an yes it was worth it. But if I had to do it again I would have go to an state college or university that was in state instead of going to a private school outside of my state of residence. The federal student loans kill you because the interest rate now is 6% or so and thats what it is. My private loans have an interest rate of 2% which is much better.

    I've been out of school going on 3.5 years or so and based on my education I am earning more then the old man is and he has a college degree and has been working for 30 years. I choose my major in college wisely and the farther I go in my career my salary will continue to increase. At first it was tough but right out of school you have 6 months before you have to start paying on the loans so that gives you time to get a job and get on your feet. In the long run your education will pay for itself but up front its no fun.
     
  20. Jun 7, 2010 at 10:19 AM
    #20
    iSTIZO99

    iSTIZO99 Well-Known Member

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    Speaking from my experience, the academic institution you go to doesn't necessarily guarantee you'll find employment right out the door. Does this school specialize in the field that you're looking to get into? Are there any other schools in-state that offer the same respectable accredited degrees? You definitely pay a premium for going to school out-of-state. If you are still in a position where you can apply for scholarships...do it!

    And FYI if you're pretty shocked at how much a student loan will cost you after you've paid in full, wait til you buy a house and see what that'll really cost you in the end. :puke:
     
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