How Much in Student Loans Do YOU Have?

tothepointeLVN, LVN · May 16, 2008

Good debt vs necessary debt in my mind is just semantics so I will agree with either term. Maybe a better way to define it as if it does good things for you?

Skeletor · May 16, 2008

Do you know why fast food places take credit cards now? Do you think most people have to finance their hamburger? NO.

I pay for my yogurt parfait and my side salad with my credit card because that one quick swipe is convenient for me and I don't have to fumble with filthy money, seeing as though I always forget to bring along my bottle of hand sanitizer with me in the car:chuckle

eccentricRN · May 16, 2008

I went through an ADN program & I owe about $6K in loans, I had started out paying cash for everything, but with us on 1 income & my spouse getting laid off & ending up with a lower paying job, & a mortgage & a family to support, I took loans out in the end... I also didn't qualify for financial aid because we made "TOO" much... living paycheck to paycheck...barely making it...that's laughable... but I've been working going on 5 months now & have already paid off $5K in other bills we got behind on, so I'm figuring we'll be all caught up by the end of this year.

Jules A, MSN · May 16, 2008

Good debt vs necessary debt in my mind is just semantics so I will agree with either term. Maybe a better way to define it as if it does good things for you?

You are absolutely correct but the reason I think the semantics is so important is that when we label something as *good* I think someone might be more inclined to take out more money or blow off working while in school because they are calling their debt good. Thats all but you are right its mostly apples and apples.

Lol, lets not even get me started on the current state of mortgage defaults.

tothepointeLVN, LVN · May 16, 2008

Jules,

The way I look at mortgage defaults is that it will deflate the value of a lot of sweet properties when I'm ready to swoop. I feel around about 2010 is the time to buy.

I sensed the mortgage crisis coming from a mile away. I couldn't see how friends who I KNEW earnt a lot less and had more expenses such as kids etc were able to afford a house.

Despite being able to buy a house for $6k my parents were stupid when it came to money and went bankrupt when they sold their house to buy a business and then failed and I suffered for it We were poor to begin with and then became po' (couldn't afford the extra o and r)

Jules A, MSN · May 16, 2008

We were poor to begin with and then became po' (couldn't afford the extra o and r)

ROFL, OMG that is my biggest fear, not being able to afford the o and r!

I'm going to add another rental property in the next couple of years also. My strategy here, if you can stand more preaching from me, is not to buy anything that I couldn't afford a 15 year mortgage payment on. Then by just adding a few hundred bucks a month you can pay it off in half the time. 8 years was the longest I took to pay off any of the mortgages and then its all gravy. Oh and buy something sound but really ugly. :)

tothepointeLVN, LVN · May 16, 2008

Well there is a pink and mustard house on our street that is REALLY ugly I'll start with that. Sad though in my area what money buys a dump here could buy a McMansion elsewhere like our friends who are moving did.

Trauma Columnist · May 16, 2008

When we get to money and politics we are all asking for trouble IMHO! As one poster aptly put it, every situation is different.

Personally, educational loans and mortgages (provided you don't go above your means) are investments in the future. Credit card debt is investment in the past.

That said, everyone comes with their own set of values and what is a bearable amount of debt to one person is unbearable to the next.

Interesting thread but let's debate the topic, not the poster.

Jules A, MSN · May 16, 2008

Well there is a pink and mustard house on our street that is REALLY ugly I'll start with that. Sad though in my area what money buys a dump here could buy a McMansion elsewhere like our friends who are moving did.

Sounds hideous and perfect! Hopefully you are making a lot more where you are but I've often thought about cashing it all in and moving somewhere cheap and rural when I get old...ok older. :)

amjowens · May 16, 2008

We are each so individual with our needs and circumstances. I don't think that most of us trying to reach our dream of being a nurse is trying to put oneself in the "hole" or use the system. We each are just doing our best with what qualities we have. And how wonderful those are who can work, pay living and tuition, and get the grades to get into schools or earn degrees. BUT just as wonderful are those who need some help during the process. At the end of the day, both are going to be nurses, but each decides to pay for it at a different time. One better than the other? geez.

I didn't use loans for my pre-reqs, worked, and earned As in all my courses!

For nursing school, I did receive the funding that was offered, both in form of grants and loans. I decided that I needed to put my classes first, and I knew myself well enough and was honest in that I need to study for my As, and I might not be able to handle working full-time and studying to earn the grades. So, I work as much as I can, but I'm SO appreciative to have my loans as a back-up. I do use them, and no shame. Though I've not used half the amount I've been given, I have so far $9000 in loans. I have no problem with taking out more when needed. Investing in my nursing career is part of my personal financial life, and I am quite at peace with it and well-equipped to be responsible for it.

manofcare · May 16, 2008

Isn't having a mortgage to pay off still considered debt and "good" debt at that (so long as it's considered an asset not a liability)?

So you are saying that you should always have interest to pay to a lender because you gain what....... So interest on a loan is an asset? Are we going to have the discussion about how you can write off interest on a home but it's a good thing because you keep the government from getting as much in taxes, but you actually have less money left, and that's a good thing because...............Next someone will say that you need debt to get debt and that is good. Not true, you can finance a home without debt, called manual underwritting. I didn't say anything anything about the reason for someone using credit cards. I said that the fast food industry has you figured out. The card holder spents more foolishly. You need to look at a amortization schedule. Then you will realise where all your money is going. Now for those of you accusing me of preaching down to the downtrodden masses. Did you really read my post? Seems some are weak readers or try to read between the lines or see things through their own filters. At the end I wished that you became rich and then did great things with your money. Hey, even if you want to stuff your matress with the money you would still be rich. For those of you studying economics at a university, you are probably taking advice from a broke professor. Not all practical information comes from a text book. For those of you that talk about how mommy and daddy are sending their brats through school, more power to them. At least my taxes aren't funding them or paying for defaulted student loans. Hopefully you will have saved enough money to put your kids through school without them going into 100K worth of debt. I know personal responsibility is seldom a popular topic. Kind of like delayed gratification. My kids threw a tantrum once about "they wanted it and they wanted it now. "

peachbye · May 16, 2008

I had a hard time deciding whether or not taking out loans to help pay for school would be a good idea or not for myself, but I finally decided that it would be a good investment because it is really the only way to achieve my goal at this time. I am very good with money, and with everything else - clothes, entertainment, etc, I never live above my means. I take more pride in adding money to my savings account rather than going out to buy new shoes. I feel as if when I graduate from school and I'm making (hopefully) a good 10 dollars more an hour (10 dollars more an hour = approx an additional 20,000/year) than I was making before then I should be fine, and since I've already adapted a slightly frugal way of living I shouldn't even really have to change many of my habits to adjust to having an extra bill each month. Having said that... not excited about HAVING more loans, but I know I'm smart enough to manage it and it will be fine:)