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I may have to take a loan for school. Just curious how much student loan debt you had after school and how much a month is it to pay back?
Well I have $47K in subsidized and unsubsidized Federal Loans which is $532 a month for 30 years. I also racked up debt by credit card and other things while trying to live on my own while going to school out of state. The first 3 years out of school I've managed to pay off all my debts except for my federal loan. My federal loan is my next goal.
Wow, I'm surprised by these monthly payments! I had about $20,000, and after consolidating my loans my payments are about $150. I think I was paying about $250/mo before I consolidated. I am not sure how most loan companies work but if I overpay on mine, it rolls over and counts for my next bill. Not sure if that makes sense, but basically since I have been overpaying for a year now my next check isn't due until next May. Which is nice in case I run into trouble, one less thing I would have to worry about anyways. But at the rate I am going I have about 2 more years left, so here's hoping I can keep it up!
Doesn't the intrest build up each much though?
It's a slippery slope. I would advise you to stay as FAR AWAY AS POSSIBLE from private loans. Those are nightmares. Don't even look in their general direction. If you see one, drop to the ground and be as still as possible, it's your only defense. I don't speak from personal experience but I have watched the financial demise of several friends who accepted private loans. Also, I'm an avid Clark Howard listener and if he says they're financial poison, I listen. He also says NEVER graduate with more in loans than you could expect to make in salary your first year. He's wise, that guy.
I have about 20K from grad school that I was paying around $200 a month. Since I've been back for nursing I've accrued around another 15K for my millions of pre-reqs (previous degrees were in music. Music majors are barely even required to take a math or a science lol). Had I been a smart girl about it, I'd have done my pre-reqs at the cheapest community college I could find. Now that I've taken far more pre-reqs than needed for an ADN program (wanted to do BSN, but ADN is financially a breeze), I'm desperately waiting to hear from one for which I applied. We'll be able to pay for school out of pocket (OMG, IMAGINE THAT!!!) HOWEVER, we've discussed taking out loans while I'm in an ADN program, tossing every penny into our higher interest savings account, and having it just in case. Then whatever isn't used (which should be all of it) will be paid back in full as long as I'm paying the interest payments while in school.
So yeah. It's a lot to think about. Do you have any financial wizard type people in your family or orificenal of friends?
I can relate to the student loans and debt. Fortunately I had the correct advise after school and learned how to pay them off as fast as possible, and now I'm thankful. Hint - Don't pay the minimum balance only, pay as much as you can, even if it means working overtime or foregoing something else in your life. It's a discipline you will be thankful for later when the debt is gone.
beckster_01, BSN, RN
500 Posts
Wow, I'm surprised by these monthly payments! I had about $20,000, and after consolidating my loans my payments are about $150. I think I was paying about $250/mo before I consolidated. I am not sure how most loan companies work but if I overpay on mine, it rolls over and counts for my next bill. Not sure if that makes sense, but basically since I have been overpaying for a year now my next check isn't due until next May. Which is nice in case I run into trouble, one less thing I would have to worry about anyways. But at the rate I am going I have about 2 more years left, so here's hoping I can keep it up!