Will college loans hinder me

[Dhoulmagus]

Im a junior and I predict I will graduate with around 30-40k in student loan debt. Am I screwed for life because my anxiety is killing me.

 

[Mike32ct]

Im a junior and I predict I will graduate with around 30-40k in student loan debt. Am I screwed for life because my anxiety is killing me.

I graduated with about 40k in student loans in 1999. If that's all you would have at today's prices, that's not bad at all.

 

[PlayHer Man]

Debt is slavery and as long as you have it, you're a slave.

The good thing is you're completely aware of your situation. Now is the time to start planning how you'll get out of debt. You should start saving money immediately. Don't wait. You basically have two options after graduation outside of dumb luck like winning the lottery:

1. Pay it off fast, but have no life for 2 years

2. Pay it of slow and have a life.. but be broke for most of it.

Being almost 30 and out of college for 7 years I can honestly say you're better off living with your parents for 2 years and paying off 100% of the debt. If you can find a job paying 35K-50K you can easily pay this off in 2 years (if you live at home).

Sure, you won't have much of a social life, sex life, nice clothes or a nice car.. BUT once those 2 years are up you will be FREE. And you'll only be around 25. By that point you should have 2 annual raises behind you. With no debt your salary will take you much further.

Don't do anything idiotic like buy a new car. Then you'll undo everything you just did. :crazy:

When you pay off your debt and move the f*ck out of your parent's place.. you'll be ahead of most of your friends who are still paying off their debt and probably living with 4 roommates.

One of the biggest lessons of my 20's was patience. Learning to take my time and wait for results. Right out of college you feel like you can take over the world in one year. NOPE.

Better to slow down and develop a solid plan. Then stick to it. Your future self will thank you.

 

[f283000]

Will college loans hinder me

Yes but the more important question you should ask yourself is, are you getting a degree worth being in debt for 30-40k?? If you have a good degree that allows you to find a job, and you make good money you can pay it off. If you're getting a degree that's going to keep you unemployed like millions of others then you will struggle. It's tough to find a good job now a days if you don't have a good degree that is in demand.

PlayHer Man gave some great advice. But it depends on getting a decent job which is nowadays very difficult unless you have a good degree.

So don't be asking yourself is your loan going to hinder you because it will of course. The real question is are you getting a degree that's going to make it worth it for you? That's what you should be stressing about not your loan. Your degree is what is going to help determine what type of job and income you will get and the overall quality of your life.

BOOK RECOMMENDATION
Debt-Free Forever: Take Control of Your Money and Your Life
by Gail Vaz-Oxlade

 

[skinnyguy]

I don't think that paying it all off in 2 years is necessarily a good idea (if you can afford it). The reason is in this economy, you need a cash reserve. If you lose your job and have nothing in the bank, you're fvcked.

Just take the standard repayment plan (10 years). I had 20K in debt after college and was able to pay it off early. You have to take loans if you want to get ahead - that's why they call college an "investment". The definition of an investment is an initial outlay of cash that will pay dividends later.

Mike32ct is absolutely right - you're pretty well off compared to most college kids. Some of them have 80-90K in debt.

 

[PlayHer Man]

I don't think that paying it all off in 2 years is necessarily a good idea (if you can afford it). The reason is in this economy, you need a cash reserve. If you lose your job and have nothing in the bank, you're fvcked.

Just take the standard repayment plan (10 years). I had 20K in debt after college and was able to pay it off early. You have to take loans if you want to get ahead - that's why they call college an "investment". The definition of an investment is an initial outlay of cash that will pay dividends later.

Mike32ct is absolutely right - you're pretty well off compared to most college kids. Some of them have 80-90K in debt.

How would you be "f*cked" if you're living at home with your PARENTS? :crackup: :crackup:

You in particular don't read very well. Also.. even with a cash reserve you'll still have to pay your loans. Isn't it better to be jobless and debt free vs. jobless and drowning in debt?

I propose to open a new school--> It will be call The PHM Institute for Kids Who Can't Read Good. Free tuition for skinnyguy.

 

[Bible_Belt]

The vast majority of degrees will not get you a job, especially 4-year degrees. And if you ever fall behind on the loan payments, then you also cannot get a professional license in just about anything. The trend now is to consider defaulted debt as indication of unfit character.

The student loan system is probably going to crash even before social security does. Something like just 40% of all outstanding debt is actually being paid back in any given month, and that percentage drops all the time.

 

[backbreaker]

It's not the 4 year degree student loans that kill you. it's the fact that any job worth a **** if you are talking about degree- jobs want MORE than that. you will be in school until you are 24-26 years old it's the extra 3-5 years of graduate school that break your back.

at that point you really need to ask yourself what you want to do with your life because that's when you are talking about getting 50-75-100k in debt and for that you better have a real fvcking job

 

[skinnyguy]

How would you be "f*cked" if you're living at home with your PARENTS? :crackup: :crackup:

You in particular don't read very well. Also.. even with a cash reserve you'll still have to pay your loans. Isn't it better to be jobless and debt free vs. jobless and drowning in debt?

I propose to open a new school--> It will be call The PHM Institute for Kids Who Can't Read Good. Free tuition for skinnyguy.

Funny attempt at being condescending, PHM. You're the most insecure person on this forum because of how badly you've been treated by women.

I've never lived with my parents post high school...IMO living with your parents as an adult is just embarrassing and I would avoid it at all costs, but of course to each their own. I personally think it's better to have 5K in the bank and be paying 200 per month for your loans, than have 0 dollars in the bank and not owe anything. But of course that's just me. It really comes down to personal preference as to your financial situation. If you're living with your parents...I would assume you would still have expenses, such as gas, clothes etc. So saving for a rainy day is a good idea.

 

[Dhoulmagus]

I'm an accounting major

 

[Voice]

It's not the 4 year degree student loans that kill you. it's the fact that any job worth a **** if you are talking about degree- jobs want MORE than that. you will be in school until you are 24-26 years old it's the extra 3-5 years of graduate school that break your back.

at that point you really need to ask yourself what you want to do with your life because that's when you are talking about getting 50-75-100k in debt and for that you better have a real fvcking job

I'm in physical therapy school and I'll be about 100K in debt after I graduate in about a year and a half. And that's after going to a state school for both undergrad and PT school!

The good news is PT is one of the professions that is in high demand and I'm pretty much guaranteed a job when I graduate. The bad news is we make half the salary of physicians despite the fact that we both get professional doctorate degrees (MD vs. DPT). Where I live the average salary is about 90k which is well above average.

I plan on doing "Pay As You Earn" plan which is a form of income based repayment that was established by the Obama administration. Using this http://studentaid.ed.gov/repay-loans/understand/plans/pay-as-you-earn/calculator I figured out that I won't even have to repay my loan before interest accumulates. Whatever money I still owe gets forgiven in 20 years. The only qualifying factors is that you took out government loans after 2008 and you owe back more than your salary. Sounds like a pretty good deal to me.

 

[PlayHer Man]

Funny attempt at being condescending, PHM. You're the most insecure person on this forum because of how badly you've been treated by women.

I've never lived with my parents post high school...IMO living with your parents as an adult is just embarrassing and I would avoid it at all costs, but of course to each their own. I personally think it's better to have 5K in the bank and be paying 200 per month for your loans, than have 0 dollars in the bank and not owe anything. But of course that's just me. It really comes down to personal preference as to your financial situation. If you're living with your parents...I would assume you would still have expenses, such as gas, clothes etc. So saving for a rainy day is a good idea.

Embarrassing?? :crackup: :crackup:

So you claim I'm the most insecure person on this site.. yet you worry what people think about you living with your parents? :crazy:

On SoSuave I like to give practical advice that's good for a man's wallet and his penis. That's all that matters.

Any man who will screw himself financially because he is worried about what other people think is a FAGGOT.

 

[JaegerPilot217]

Don't see why most chicks would have an issue with a guy living at home besides you can always get a hotel for a night of privacy

 

[machoMax]

Any man who will screw himself financially because he is worried about what other people think is a FAGGOT.[/QUOTE]

my vote for this! :woo:

 

[JaegerPilot217]

But at the same time, me being 25 and still haven't finished college yet, no degree or certificate, makes me wonder if I set myself back years with attracting women, but I do at least now know on what I want to do with my life on terms of goals, career

 

[JaegerPilot217]

Maybe I should lie about my age being in the financial situation I'm in

 

[skinnyguy]

So the guy who is 25 or 30 and living with his parents isn't a faggot but a guy who has his own luxury condo is a faggot?

Wow, ok. I guess you can't argue with crazy.

 

[sylvester the cat]

So the guy who is 25 or 30 and living with his parents isn't a faggot but a guy who has his own luxury condo is a faggot?

Wow, ok. I guess you can't argue with crazy.

This is the probably the first and last time I will ever agree with you.

 

[PlayHer Man]

So the guy who is 25 or 30 and living with his parents isn't a faggot but a guy who has his own luxury condo is a faggot?

Wow, ok. I guess you can't argue with crazy.

Again.. your reading comprehension is horrible.

A man who has a luxury condo he CAN'T AFFORD because he is worried about what other people think is a faggot.

Any more questions? :crackup: :crackup: :crackup: :crackup: :crackup: :crackup:

 

[JaegerPilot217]

eventhough I am working on my long-term career goals, I don't want to put my love life/sex life on hold