How much student debt did/will you graduate with?

grimslade · Nov 13, 2007

Originally Posted by iammatt

and you repay all of their kindness by becoming a journalist. go figure.

.

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."

greg_atlanta · Nov 13, 2007

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.

andrewlef · Nov 13, 2007

Originally Posted by FidelCashflow

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?

mainy · Nov 13, 2007

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.

Stazy · Nov 13, 2007

Originally Posted by greg_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.

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

itsstillmatt · Nov 13, 2007

Originally Posted by grimslade

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.

DNW · Nov 13, 2007

Originally Posted by lawyerdad

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.

J.D. Program Tuition and Fees at Berkeley California resident: $26,897 Nonresident: $39,142 Estimated School-Year Costs Housing and food: $15,100 Books and personal expenses: $6,400

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.

Also, the schools are damn stingy with their scholarships. I've yet to meet anyone with any sort of scholarship from any law school.

Originally Posted by GQgeek

I hope you make partner!

Up or out, baby!

sho'nuff · Nov 13, 2007

Originally Posted by Earthmover

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.

carlhuber · Nov 13, 2007

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?

Ambulance Chaser · Nov 13, 2007

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.

RJman · Nov 13, 2007

Originally Posted by Ambulance Chaser

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

.

So are you a BigLaw fran?

GQgeek · Nov 13, 2007

Originally Posted by carlhuber

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.

Brian278 · Nov 13, 2007

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.

itsstillmatt · Nov 13, 2007

Originally Posted by GQgeek

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.

GQgeek · Nov 13, 2007

Originally Posted by iammatt

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

How much student debt did/will you graduate with?

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