Rutabaga Posted February 25, 2009 Share Posted February 25, 2009 So I'm just thinking about money and how much I have saved versus how much I owe...and the amount I owe is unpleasantly high (about 40K after finishing my masters). Admittedly, I'm in a field where I could enter the private sector after graduating or work for the gov't and gradually get my loans repaid... but still the prospect of paying all that off when I'm done sucks! Especially when I consider if I should use my savings for that or to say buy someplace to live. Anyway, anyone else thinking about the massive amount of money they already owe? Link to comment Share on other sites More sharing options...
miratrix Posted February 25, 2009 Share Posted February 25, 2009 I've been very lucky, in that the loans I had to take out for undergrad were very small and are now paid off. I'd like to avoid accumulating debt because the job prospects are not great in my field, but I'm well aware that if I do, I'm fortunate to be starting from a blanks late. Link to comment Share on other sites More sharing options...
t_ruth Posted February 25, 2009 Share Posted February 25, 2009 I have loans from law school, but the rate at which I consolidated is ridiculously low! Add to that the rate reduction for timely payments and it is almost free money (especially compared to the high interest rates on most credit cards now, etc.). I'm in no hurry to pay it off. Link to comment Share on other sites More sharing options...
poiuyt Posted February 25, 2009 Share Posted February 25, 2009 This definitely weighs on me... I'm in the 15-30,000 bracket even though I worked all through college, and the amount I owe grows exponentially with interest. It is especially bothersome because my SO has no debt, is about move his whole life to follow my dream and will of course be the breadwinner in the house - that makes me the lame-o. My plan is to be awesome in grad school, get a fantastic job when I graduate and then he can be a stay at home dad, and I'll be his sugar-momma. Link to comment Share on other sites More sharing options...
Rutabaga Posted February 25, 2009 Author Share Posted February 25, 2009 This definitely weighs on me... I'm in the 15-30,000 bracket even though I worked all through college, and the amount I owe grows exponentially with interest. It is especially bothersome because my SO has no debt, is about move his whole life to follow my dream and will of course be the breadwinner in the house - that makes me the lame-o. My plan is to be awesome in grad school, get a fantastic job when I graduate and then he can be a stay at home dad, and I'll be his sugar-momma. lol, that's my plan too! It's rough being the one with all the debt! Hopefully it will pay off though... Link to comment Share on other sites More sharing options...
synthla Posted February 25, 2009 Share Posted February 25, 2009 I have loans from law school, but the rate at which I consolidated is ridiculously low! Add to that the rate reduction for timely payments and it is almost free money (especially compared to the high interest rates on most credit cards now, etc.). I'm in no hurry to pay it off. Isn't that great? Mine are locked in at 2% for the life of the loans and I too will be happy to pay them back over the next however many years than pay them off early. But I understand that consolidations aren't easy to find anymore, so we got lucky graduating at the right time. Link to comment Share on other sites More sharing options...
t_ruth Posted February 25, 2009 Share Posted February 25, 2009 Isn't that great? Mine are locked in at 2% for the life of the loans and I too will be happy to pay them back over the next however many years than pay them off early. But I understand that consolidations aren't easy to find anymore, so we got lucky graduating at the right time. Yep. It's a bummer they don't do it anymore. I seriously make more on my savings account than the interest rate on my loans. I guess we just answered why they don't do it anymore... Link to comment Share on other sites More sharing options...
Rutabaga Posted February 26, 2009 Author Share Posted February 26, 2009 well I think also that graduate school loans are fixed at 6.something% I was checking why my rates hadn't gone down despite the lower rates right now and I read somewhere that they remain fixed... Link to comment Share on other sites More sharing options...
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