How much student debt did/will you graduate with?

Discussion in 'Social Life, Food & Drink, Travel' started by FidelCashflow, Nov 11, 2007.

  1. grimslade

    grimslade Senior member

    Messages:
    10,875
    Likes Received:
    36
    Joined:
    Mar 31, 2006
    Location:
    Back in Black
    and you repay all of their kindness by becoming a journalist. go figure. [​IMG].

    Full ride was courtesy of a fellowship, not my parents.

    But they're bitter anyway, don't worry. My father is still waiting for the day I get a "real job."
     


  2. greg_atlanta

    greg_atlanta Senior member

    Messages:
    876
    Likes Received:
    0
    Joined:
    Sep 28, 2004
    Location:
    Atlanta
    Don't forget to add in the lost income for those of you who quit a full time job to go to school full time.
     


  3. andrewlef

    andrewlef Senior member

    Messages:
    142
    Likes Received:
    0
    Joined:
    Oct 28, 2007
    Location:
    Providence, RI, USA
    Huh? you spent $160,000 on education? What kind of degree did you get?

    Ivy League ----> Tuition + Room/Board + Books/Etc ~ $40k per year * 4 years = $160,000 (give or take $10k). Great investment, huh?[​IMG]
     


  4. mainy

    mainy Senior member

    Messages:
    1,992
    Likes Received:
    793
    Joined:
    Sep 12, 2006
    Yeah, this thread is just further convincing me that I want nothing to do with law school. I'll be lucky to get my undergrad done without hitting the magical 5 figure mark, the thought of that ballooning to 6 makes me want to vomit.
     


  5. Stazy

    Stazy Senior member

    Messages:
    7,194
    Likes Received:
    438
    Joined:
    Sep 6, 2006
    Location:
    Toronto
    Don't forget to add in the lost income for those of you who quit a full time job to go to school full time.

    Opportunity cost is a waste of time outside of economic classes. GAAP for the win! [​IMG]
     


  6. itsstillmatt

    itsstillmatt The Liberator Dubiously Honored

    Messages:
    14,384
    Likes Received:
    2,047
    Joined:
    Mar 11, 2006
    Location:
    The wild and the pure.
    Full ride was courtesy of a fellowship, not my parents.

    But they're bitter anyway, don't worry. My father is still waiting for the day I get a "real job."

    I was talking about the endowment of your poor grad school. Those things aren't really supposed to be free.
     


  7. DNW

    DNW Senior member

    Messages:
    10,526
    Likes Received:
    4
    Joined:
    Mar 10, 2006
    Location:
    Recession, Baby
    Christ-on-a-stick, that kind of thing makes me wince. I frequently count my lucky stars that I was too dumb to get into the private law school that was my first choice and had to settle for the public school that was my second choice. Best accidental decision I ever made. Between working and some scholarship/fellowship stuff during both undergrad and law school, and the subsidizing of my education by the State of CA, I finished with maybe $10k in debt or thereabouts iirc.
    Yeah, law school ain't cheap, even at resident prices. I swear there's a price fixing scheme in here somewhere between all the law schools. [​IMG] Also, the schools are damn stingy with their scholarships. I've yet to meet anyone with any sort of scholarship from any law school.
    I hope you make partner! [​IMG]
    Up or out, baby! [​IMG]
     


  8. sho'nuff

    sho'nuff grrrrrrrr!!

    Messages:
    22,225
    Likes Received:
    14
    Joined:
    Apr 15, 2006
    Location:
    Irvine
    With no parental contribution, came out of a private university with ~$21k in debt (thank you, Ms. Financial Aid) and after law school, it blew up like the Godfather to $140k. It's like a freaking mortgage, except with no house.

    Federally subsidized loans are at 2.25% (about 1/2 of the total) and the private loans average to about 8.5%


    but look, once you acquit the next big celebrity, you are completely out of the hole and then some.[​IMG]
     


  9. carlhuber

    carlhuber Senior member

    Messages:
    143
    Likes Received:
    0
    Joined:
    Jun 8, 2006
    I've eliminated all my debt, due to hard work and the exceptionally generous help of my loved ones. My wife is running about $10,000.

    I've been thinking and I hope you guys can help me in this, that one of the best investments a person can make, for long time return, is to first pay down debt. Her loans are at about 7.5-8.5% - which is pretty high compared to most other investment goals for pure profit. So I'm currently of the opinion that we should use extra finances to get rid of her college debt before we do things like buy stock, etc.

    Thoughts?
     


  10. Ambulance Chaser

    Ambulance Chaser Senior member

    Messages:
    9,829
    Likes Received:
    952
    Joined:
    Mar 7, 2002
    Location:
    Washington, D.C.
    Parents paid for college, I paid for law school. Came out of law school with $70K in debt. Thanks to BigLaw and frugal living, I paid it all back within four years of graduating and still had enough saved up to put 20% down on a coop two years later.
     


  11. RJman

    RJman Posse Member Dubiously Honored

    Messages:
    18,647
    Likes Received:
    102
    Joined:
    Dec 10, 2004
    Location:
    In the not too distant future
    Parents paid for college, I paid for law school. Came out of law school with $70K in debt. Thanks to BigLaw and frugal living, I paid it all back within four years of graduating and still had enough saved up to put 20% down on a coop two years later.

    You go, AC [​IMG].

    So are you a BigLaw fran?
     


  12. GQgeek

    GQgeek Senior member

    Messages:
    17,933
    Likes Received:
    80
    Joined:
    Mar 4, 2002
    Location:
    Canuckistan
    I've eliminated all my debt, due to hard work and the exceptionally generous help of my loved ones. My wife is running about $10,000.

    I've been thinking and I hope you guys can help me in this, that one of the best investments a person can make, for long time return, is to first pay down debt. Her loans are at about 7.5-8.5% - which is pretty high compared to most other investment goals for pure profit. So I'm currently of the opinion that we should use extra finances to get rid of her college debt before we do things like buy stock, etc.

    Thoughts?


    I would pay it off. Your inflation-adjusted returns on stock investments could possibly be a bit higher than your loan rate if you go by the averages, but there's no guaranteey you'll achieve that and in the short term you're still saddled with debt you'll have to pay one day anyway. It's also nice to be free of debt since you never know what will happen.
     


  13. Brian278

    Brian278 Senior member

    Messages:
    3,820
    Likes Received:
    5
    Joined:
    Dec 24, 2006
    Location:
    West Palm Beach, FL
    Thankfully, none. I had a full scholarship for tuition and books, about 12K inheritance from a deceased grandmother, and my generous parents covered the rest. It's given me a very large head start financially compared to the majority of college graduates, and I'm exceedingly grateful for it.
     


  14. itsstillmatt

    itsstillmatt The Liberator Dubiously Honored

    Messages:
    14,384
    Likes Received:
    2,047
    Joined:
    Mar 11, 2006
    Location:
    The wild and the pure.
    I would pay it off. Your inflation-adjusted returns on stock investments could possibly be a bit higher than your loan rate if you go by the averages, but there's no guaranteey you'll achieve that and in the short term you're still saddled with debt you'll have to pay one day anyway. It's also nice to be free of debt since you never know what will happen.
    Why are you comparing the debt to inflation adjusted returns? The rate on his debt is unlikely to be inflation indexed and since, I believe, student loans are fully deductable the real rate of interest is a bit lower than the nominal rate. That said, I hate having debt so I would probably just pay them off, but you don't want to compare apples to peaches.
     


  15. GQgeek

    GQgeek Senior member

    Messages:
    17,933
    Likes Received:
    80
    Joined:
    Mar 4, 2002
    Location:
    Canuckistan
    Why are you comparing the debt to inflation adjusted returns? The rate on his debt is unlikely to be inflation indexed and since, I believe, student loans are fully deductable the real rate of interest is a bit lower than the nominal rate. That said, I hate having debt so I would probably just pay them off, but you don't want to compare apples to peaches.

    Ok you're right about comparing apples to peaches(very funny btw). I don't have student loan debt and didn't think it through :p
     


Share This Page

Styleforum is proudly sponsored by