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Student Loans are Killing Me!!!!

post #1 of 17
Thread Starter 
I literally think I am going to die before I will ever pay off all my loans. I'm still in school and will be for a total of about 6 years. I can't even believe how much it costs to go to school in the first place, get some extra money to live off of, and all the interest!!!! The interest is what's really killing me! You would think Banks would go a little easy on students considering how much money the banks are making in the first place!!!! No way...it's all about the money, not our people. No wonder debt is so high. If people want to make money they have to go to school and get neck deep in debt and hope they can get out of it.

IMO Student loans should be regulated to help the students. We are going to school to help our society so why can't our society help us!
post #2 of 17
Have you tried to get federal loans? Private student loans are supposed to be a last resort. Those are regulated, and have really low interest rates (or did until Taft and Bush got their hands on them here).

Banks are businesses, not charities. You can't fault them for making money, and IMO, the loans I've gotten have been pretty generous.
post #3 of 17
Quote:
Originally Posted by EnzoLeya View Post
I literally think I am going to die before I will ever pay off all my loans. I'm still in school and will be for a total of about 6 years. I can't even believe how much it costs to go to school in the first place, get some extra money to live off of, and all the interest!!!! The interest is what's really killing me! You would think Banks would go a little easy on students considering how much money the banks are making in the first place!!!! No way...it's all about the money, not our people. No wonder debt is so high. If people want to make money they have to go to school and get neck deep in debt and hope they can get out of it.

IMO Student loans should be regulated to help the students. We are going to school to help our society so why can't our society help us!
Ugh. I don't have any loans (what I do have are SMART parents who, and they were broke when they did this so anyone can, set up a savings and mutual fund for me when I was in utero to pay for college), but my fiance (who does not have smart parents, but that's a whole other story) has had to pay for his ENTIRE education with private loans, federal loans and work study. He has around $68,000 in debt and we willpay it off at the rate of about $950 a month until we're 41 years old.

We, needless to say, will be doing what my parents did when we have kids. No need to subject them to this nonsense. Because the catch-22 is that you NEED a Bachelor's degree at minimum if you want to get a job that has growth opportunities, but no one can afford a degree any more!
post #4 of 17
Who knows too...maybe by the time your kids are ready for college a Masters will be the minimum.

Anyways, Yes it is going to suck. I'm currently getting a taste of the student loans myself. Luckily its only for my Masters which is 30 credits long at 3 ich per class. so with the Federal Loans (that do not go above 8.0% interest and I believe are at 6.8% right now) its not making things too tragic for me yet.

The one bonus is if you buy a house, there is a trick that you can pay off your student loans with a home equity or your mortgage..one of the 2. Anyways, my friend did that and now she's extended her 10 year loan payoffs to 25 years.

Like Julie said though, start with the Federal Loans, those are capped. You are only able to get x per year (I'm grad so its 18500 for me tops), but you only have to worry about borrowing less money from the bank.

Whatever you do, don't default. That's bad.
post #5 of 17
Student loan debts are NOTHING compared to credit card debts.

I graduated in 1993, and expect to finally pay off my student loans (at 8% interest) within the next three years.
post #6 of 17
Yup student loans really do stink. I'm expecting to pay about $200 a month in loan bills just to pay them off in 30 years. grrr.... nothing like a huge dept to start off live in the "real world"
post #7 of 17
I got private loans and My MOTHER lost my college money in 9-11 ... Amazingly if she had listened to me I could have paid off the loans and bought a house
post #8 of 17
me too!
But I agree. I think this country should do a better job in the education field. See it as an investment. Getting back well educated, creative and productive citizens.
Instead they pass a law so companies can use a brand new visa to hire people for other country.
What is your degree in?
post #9 of 17
I know exactly how you feel! I've gotten myself into a similar situation. I wish someone would have explained how truly awful it would be when I was in high school and college... I take full responsibility, but I really do think working like a dog for the next 30 years of my life only making enough to pay off one bill is a bit harsh.
post #10 of 17
Quote:
Originally Posted by Godiva View Post
I know exactly how you feel! I've gotten myself into a similar situation. I wish someone would have explained how truly awful it would be when I was in high school and college... I take full responsibility, but I really do think working like a dog for the next 30 years of my life only making enough to pay off one bill is a bit harsh.
I take full responsibility for my loans, but I wish that someone would have explained to me the full magnitude of what I was taking on when I first applied for them. I worked my butt off to pay for my university education (and, incidentally, I didn't even finish university) and had less in loans than most of my classmates, but there's still a lot to pay off and it'll be years before my loans are all gone.

I pay off the full amount of my credit card bills every month (I deliberately have a very low limit, so I seldom have very much to pay off), so I don't really know how bad those can get (it's hard to get horrendously in debt when you set your credit limit at $750 ). I'm already afraid of what my future mortgage will be ... Doesn't it seem like you spend the majority of your life in debt?
post #11 of 17
Quote:
Originally Posted by Mirinae View Post
Doesn't it seem like you spend the majority of your life in debt?
it doesn't just seem like it, I think you really ARE in debt for the rest of your life!! at least with me not planning on having kids I won't have their college educations, weddings, etc to look forward to paying for, I may get out of debt before i start collecting social security (if that happens )
post #12 of 17
Quote:
Originally Posted by katiemae1277 View Post
it doesn't just seem like it, I think you really ARE in debt for the rest of your life!! at least with me not planning on having kids I won't have their college educations, weddings, etc to look forward to paying for, I may get out of debt before i start collecting social security (if that happens )
Here s to hoping for both of us /// but I think the "caompanion animals " amy prevent it
post #13 of 17
Quote:
Originally Posted by sharky View Post
Here s to hoping for both of us /// but I think the "caompanion animals " amy prevent it
oh, yeah, can't forget about the babies' med bills
post #14 of 17
I am still paying off my student loans. I only had $16,500 in loans over a 3 year period. I thought it should have been much more and freaked out it was sooo low! I checked the school and the national registry and could find no other loans out there so I have to believe that's all I owe. I don't have any private loans since I would have heard from them much sooner. I am going to try and have my loans paid off next year sometime. My interest isn't bad at a 4.75. Private schools are sooo expensive!
post #15 of 17
Yes. It's a never ending cycle when you have to pay it off yourself. My fiance is lucky. I was stuck on my own unfortunately. I'm actually going back to school, so it will more than likely just get worse, but in turn I'll be making more than I am now.
post #16 of 17
I have a stafford loan in my name, and my parents have one for me in their name (called a "parent loan"). My mom expects me to start paying on the parent loan when she stops taking classes (because she is still registered and taking classes, the loans are deferred). She gets to take classes for free because she works for a college and they consider it an investment. I think my portion of that is about $40-50k. Those loans took care of housing, food, and other expenses.

My tuition loans are just under $14k right now, and I have to make payments on those. However, if I were to start taking classes again (registered at least half time, I can defer them. Because I work for a University, I get a nice discount on classes (not free though), so it wouldn't be something that just keeps building and building. IF I were to defer those payments and take classes again, DH would simply just take the monthly payment and place it in the same fund, and let that build until I am done taking classes.

And last I checked, my interest rates are at 3.75%.
post #17 of 17
That's why I'm glad I was born in Quebec. Tuition fees in universities in Quebec for Quebec residents is about half of what it is elsewhere in Canada (and lots lower than the US) and the government gives loans AND bursaries. After two years, I owe a little over $10,000 and got almost the same amount in bursary.

It's not perfect, but much better than elsewhere. If I ever have kids, I'll try my best to make sure they're born in Quebec.
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