What are your monthly payments going to be? Our good friends have an MBA and law degree to pay for and the monthly payments are more than their mortgage.
I think FI and I have close to that combined. I'm on the IBR plan, and he's applying for it. On the standard repayment plan my monthly payment would be $840 a month!
Post by pixelpassion on Nov 7, 2013 17:47:58 GMT -5
We already signed up for IBR for our graduate loans. My undergrad loans are private, so I'm screwed on that front. Honestly, the first year or two is going to suck until we really get ourselves situated career wise (I'm just starting a new job and FI is getting his appraiser's license).
But we're looking at maybe a 15 year plan to pay this shit off. Monthly payment is probably going to be around...$1500 at the lowest
I don't have a lot of helpful advice, but there are a few ladies on MM that have had balances around this amount that might have some suggestions on the best path(s) forward.
I don't have a lot of helpful advice, but there are a few ladies on MM that have had balances around this amount that might have some suggestions on the best path(s) forward.
3 degrees --> 1 undergrad 2 grad
I will definitely be perusing MM aggressively in the coming days
I also hate SLs. Mine alone are more than our mortgage payment.
This is probably (very) flameful, but I don't even know how much my H still owes. I see the payments every month, but that's it. I think I'd rather not know.
Post by EmilieMadison on Nov 7, 2013 18:12:49 GMT -5
Wow. I hope you're able to work out a reasonable plan that doesn't completely drown you I can't even wrap my mind around the payments for the loans vs what I am (very nosily and rudely) assuming is your income.
I only went to a community college and paid as I went so I have NO idea about how student loans work but HOW is that possible. How is a degree for social work and vocal performance/teaching over $200k?!?
My social work degree was only about $40k total for the two years since I went to a state school. FI's school charged around 35k a year in tuition.
The bulk of the debt is from my undergrad private loan. No one in my family (myself included) knew what we were doing. So because of the high amount of accrued interest, my undergrad loans came out to 126,000.
I only went to a community college and paid as I went so I have NO idea about how student loans work but HOW is that possible. How is a degree for social work and vocal performance/teaching over $200k?!?
Private colleges and crazy loan terms. And I hope you dont take offense to this OP because I'm really just making a huge generalization, but it seems like a lot of the recent grads I know (both undergrad and grad school) went to really expensive schools and got really expensive degrees to get jobs that will never pay very much. That freaks me out!!
God your generation got screwed. My parents paid nothing for me to go to college and law school. I graduated with about $50K in loans. In 2003. It started to go to hell my last year of law school but wow. Wow. $250K.
God your generation got screwed. My parents paid nothing for me to go to college and law school. I graduated with about $50K in loans. In 2003. It started to go to hell my last year of law school but wow. Wow. $250K.
Seriously, the saddest part is that a significant number of my friends/classmates have exactly this problem. Lol and people wonder why Gen Y is so pissed off at everything.
I only went to a community college and paid as I went so I have NO idea about how student loans work but HOW is that possible. How is a degree for social work and vocal performance/teaching over $200k?!?
Private colleges and crazy loan terms. And I hope you dont take offense to this OP because I'm really just making a huge generalization, but it seems like a lot of the recent grads I know (both undergrad and grad school) went to really expensive schools and got really expensive degrees to get jobs that will never pay very much. That freaks me out!!
No offense taken because I agree with you. I am very thankful that FI and I also have additional work in appraisals that makes up for our low paying fields since its much more lucrative. And I can't imagine having to function without it.
God your generation got screwed. My parents paid nothing for me to go to college and law school. I graduated with about $50K in loans. In 2003. It started to go to hell my last year of law school but wow. Wow. $250K.
Seriously, the saddest part is that a significant number of my friends/classmates have exactly this problem. Lol and people wonder why Gen Y is so pissed off at everything.
I have to admit, I have done a fair amount of "whatever, I have student loans, totally worth it, what are they complaining about." It took seeing the amount of loans you have, and what you are doing professionally, for me to actually be stunned into thre realization your loans aren't like my loans at all.
Post by gretchenindisguise on Nov 7, 2013 18:22:10 GMT -5
Yeah, my issue was a) I went to a private U for grad school b) I trusted them when they said that most had at least half funding throughout all of their time there c) I thought 'fully' funded meant fully funded - not mostly funded d) I pissed off the director of the program fairly majorly at the end of my (mostly funded) first year.