was your student loan debt worth it?

[Sust]

I hope it'll be worth it financially, but I'm pretty sure it'll be worth it emotionally. If you want to go into medicine, you take any spot you get and take out the loans to finance your education. Balls out all the way.

I'm fortunate in that I don't have any undergrad debt (my parents were generous), but I'm on my own for grad school. That said, I'm in for 100k currently with 3 years to go and will probably owe about 375-400k at the time of graduation. Most of it is at 8.5% and some of it is at 6.8%.

Cripes man
Average debt at most schools hovers around $160,000 per graduate IIRC.
I shant complain about my loans any more.

 

[FeuerFrei]

Yes, my ~$3000 of debt was totally worth it. Thanks scholarships.

 

[Duskish]

In my country we don't pay for our education. In fact, we GET payed every month for going to school. It's called public support.

 

[jinduy]

if you went to devry or university of phoenix (something like that), probably not and probably didn't finish it either

 

[Tiamat]

my student loan was worth it. But, that is because I invested the loan at 4.5+% returns and the paid most of it off just prior to the grace period expiring. I have about 5k$ left from 40k$ at 2.35% getting paid off about 70$ per month now.

 

[Bryophyte]

I hope it'll be worth it financially, but I'm pretty sure it'll be worth it emotionally. If you want to go into medicine, you take any spot you get and take out the loans to finance your education. Balls out all the way.

I'm fortunate in that I don't have any undergrad debt (my parents were generous), but I'm on my own for grad school. That said, I'm in for 100k currently with 3 years to go and will probably owe about 375-400k at the time of graduation. Most of it is at 8.5% and some of it is at 6.8%.

That's insane. I hope they're not all the type of student loans that aren't dischargable in a bankruptcy, in case something bad happens to you.

 

[CanOWorms]

That's insane. I hope they're not all the type of student loans that aren't dischargable in a bankruptcy, in case something bad happens to you.

If they're government loans then he can just use Income Based Repayment. The debt is discharged after 10 years if you work in public service or government; 20 or 25 years if you work in the private sector. There is also a cap on your monthly payments.

 

[Corporate Thug]

That's insane. I hope they're not all the type of student loans that aren't dischargable in a bankruptcy, in case something bad happens to you.

student loans are almost impossible to discharge in BK.

 

[Corporate Thug]

If they're government loans then he can just use Income Based Repayment. The debt is discharged after 10 years if you work in public service or government; 20 or 25 years if you work in the private sector. There is also a cap on your monthly payments.

that's the plan I'm on - $500 payment per month for $125k loan

 

[Tea Bag]

No, but only because I think I could have paid for more during my college (private school) career. I worked 24-30 hours while living at home, I should have worked full time. I also lived foolishly during my first two years out of school with my current job living like the typical bachelor, when I could have been putting a ridiculous amount monthly on those loans with no other expenses besides rent and food. I could have them all payed off by now if I was smart back then. I'm still sitting on about 16K but I'm repaying on them with additional cash as fast as it comes in.

 

[Dirigible]

Why did you ask, OP? Trying to make a decision or idle curiosity?

 

[KillerCharlie]

28k with an engineering degree, 12k of that is fixed at 2%.... would've paid it off after 1-2 years if the interest rate wasn't so low.

Thankfully engineering degrees are relatively cheap (state schools) and pay well.

 

[KillerCharlie]

My projected college debt is gonna be around 35k. I am thinking of doing some sort of engineering, maybe chemical or biomedical. Do you think it will be worth it?

If you do get an engineering degree and use it, then 35k is absolutely worth it. Especially with chemical or biomed, which tend to pay more than other engineering disciplines.

 

[dennilfloss]

I owed about $3600 of I remember correctly. Paid all within a year once I started teaching.

 

[chusteczka]

Six years worth of enlisted military service taught me that any amount of student loans to achieve a white collar job was worth it to get out of the military.

Getting paid to sit in a comfortable chair and think, in a room with windows and air conditioning certainly beats any blue collar trade exposed to the elements.

My specific experience as a submarine mechanic, working 90 hours a week, out at sea at least 9 months of every year was enough for me to want the lifestyle a student loan provides.

At the end, I had $22k of student loans with the rest paid by veterans aid. That $22k was paid off within three years of work after school.

 

[Dangerer]

Owe 13k for undergrad which was spent semi-frivolously.

About to go to grad school and am projected to owe about 150k @ 6.8% or whatever by the time I earn my doctorate.

 

[JEDIYoda]

$300,000+ and 4 phd`s later!! Well worth it!!

 

[Koing]

£11.5k when I graduated in 2005. It'll be paid off by the start of 2012 making minimal payments. We have a really low rate where it was even frozen at one point in the UK!

Yes my loan will be worth it. It would still be worth it being £20-30k but it would be tougher to stomach if it was £50k+...but ultimately worth it, if you make the most of your degree to pay it off.

Koing