Student Loans: Who's got em, and who thinks its a bubble

[IronSnake]

Since the cars gone, I've got the ability to put a sizeable dent in my student loans. Which i'm seriously considering doing. Unfortunately my wife's loans are based on our income though, and if I pay mine off, it causes hers to sky rocket (since my standard payment offsets hers). Long story short, I'm considering not doing it since it's a write off, and invest/use the money elsewhere. Plus her whole "massive payment" thing.

But then a friend of mine told me to not bother because it's a bubble. And given the quantity and wide spread nature of student loans, it'll eventually be forgiven anyway (a la bailout 2008).

So who here has them, think's they will be washed away in the next 20, or doesn't and still does, or something else?

 

[Zemedici]

Given I just paid off some $38k in student loans in one whack this year....

I'm going to be slightly perturbed if they get forgiven in the near future....

I would not 'bank' on them being forgiven though. Its a bill, and you gotta pay it. Can you save up and just whack the mother ****er? Like a big CC Bill?

 

[FJohnny]

You may just want to hold off. The new girl, Alexandria Ocasio-Cortez, announced that part of her presidential bid in 2020 will include a pledge to forgive all student debt and make future education free.

With any luck, you and your wife could be off the hook altogether.

 

[Revvv]

I have a small student loan amount left. My wife has a huge amount that we are still playing on. I have a daughter starting college next year.

I will likely be paying student loans until the day I die. My girls will not have loans though. I feel as a parent that their education is my responsibility at this point.

If one of my kids goes stupid then that will become an issue, but as of this moment, my children are working overtime in HS to prepare for college.

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[IronSnake]

Given I just paid off some $38k in student loans in one whack this year....

I'm going to be slightly perturbed if they get forgiven in the near future....

I would not 'bank' on them being forgiven though. Its a bill, and you gotta pay it. Can you save up and just whack the mother ****er? Like a big CC Bill?

March/April I should have the cash to pay mine off in one big sweep. It's not substantial. Between hers and I, it's about as much as a mid-tier new F150.

 

[Zemedici]

March/April I should have the cash to pay mine off in one big sweep. It's not substantial. Between hers and I, it's about as much as a mid-tier new F150.

that's far from crazy by todays standards.

One of my brothers good friends just graduated from Ga Tech - $90k deep.

 

[madscotsman]

I WISH. I seriously doubt student loans will ever be forgiven as they are a lucrative source of income for the government. I've paid off more than 30K of my wife's loans and have hers down to a little over 2K now. Until the past few years, we haven't really made enough to put a dent in both of our loans, so after paying around 25K of mainly interest since 2001 on mine, I still owe around 50K. I Just applied for a PSLF (Public Service Loan Forgiveness) since I work for a non-profit health care organization (RN). If they decide I qualify, I'd have to be on an income contingent repayment plan and successfully make 120 payments (10 years), without missing or being late on any payments and after 10 years, my remaining balance would be forgiven (I've been on an income contingent plan for a few years now and it's possible I will get credit for the payments I've been making to shorten the 10 years, but i'm not getting my hopes up). I'll still pay more than I borrowed on this plan (my current payment is $625/mo and will only go up when I pay off my wife's loan, and each year as we make more money), but at least I'll stop getting fisted with interest after 10 more years, and my son wont be having to finally pay it off when I die. In three more years at my current payment, I will have paid back what I originally borrowed, so the next 7 years after that will basically be nothing but interest. If I could take the $$$ out of my 401K to pay it off right now, I would in a heartbeat. we're paying around 1K a month right now for our student loans, would be nice to be saving that money for my son's college so he doesn't have to fall into the same hole. We have a college savings for him, but always wish it was more.

 

[IronSnake]

that's far from crazy by todays standards.

One of my brothers good friends just graduated from Ga Tech - $90k deep.

Holy balls. I'd have a coronary. College was fun but it was never 90k dollars worth of fun.

 

[Revvv]

Holy balls. I'd have a coronary. College was fun but it was never 90k dollars worth of fun.

That's nothing. Just imagine what my wife and I owe with multiple grad degrees. I want to puke thinking about the money spent for the framed wall decorations called diplomas. We don't even display them anymore. They are packed away in a box, in storage, likely being used as a rat nest in a hidden place in the back of the building.

My niece has a full scholarship, yet it still cost a grand or more each month for stuff the scholarships do not pay. After she graduates she will be headed to med school.

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[Zemedici]

Holy balls. I'd have a coronary. College was fun but it was never 90k dollars worth of fun.

see I ****ing hated every second of college. Could not wait to drop out. My parents gave me an ultimatum in High School - go to college or move out.

After 2 years of failing college, I moved out. Shoulda done that right outta high school and saved myself a shitload of money and aggravation.

 

[GodStang]

I got a BS in a smaller public school. Lived at home till I graduated. I paid off every semester in cash before I started. I had college 100% paid off before my Final semester started. The funny part is I have Engineering coworkers that went to Georgia Tech and other big engineering schools that started about the same time as me and I make more $$$ then they do.

Wife got about $2K extra in scholarships a semester so when she graduated she had money in the bank.

I can not understand how people have the big student loans. It boggles my mind. Now college was not fun as I worked multiple jobs plus lived at home and did zero partying and zero trips.

 

[Klaus]

I have a small student loan amount left. My wife has a huge amount that we are still playing on. I have a daughter starting college next year.

This boggles my mind. Your entire household has/will have student debt. Maybe your daughter should skip it?

 

[B7BlownSnake]

Thankfully mine were paid off years ago. I was very lucky, my parents paid for 3 years of school, I only needed 1 year of loans at UC Irvine, and graduated in 09, before the big tuition hikes. I had less than 10k.

My wife is still paying for hers from Cal State San Bernardino, she had to get loans for all 4 years and graduated in 2010. I'm not sure what plan she got, but we are only paying 2.5% interest, and she has 25k left. I'm just putting in the minimum until we pay off a few old credit cards.

It's possible there will be loan forgiveness at one point in the future, but I certainly wouldn't bank on it for people at our income level.

My friend graduated UCI at the same time as I did, and had all of it paid for. But he needed loans for grad school. He graduated as a pharmacist 3 years later with around $250k in loans. he said he just sends a couple grand a month and don't even look at the bill! He makes good money, but honestly not enough (more than me, but less than my wife) to justify that loan amount.

 

[CompOrange04GT]

I remember when I went to college for a semester.

and at 16 an hour.. I made too much money to get help (according to that school) and had to drop 3 grand to take the class..


..needless to say I only took one class

 

[Blackoyote]

The new girl, Alexandria Ocasio-Cortez, announced that part of her presidential bid in 2020 will include a pledge to forgive all student debt and make future education free.

Has she really said something about a run in 2020? If so, add another dumbass statement to her laundry list. Guess she doesn't know you have to be 35 years of age to run for POTUS.

 

[gt347mustang]

I WISH. I seriously doubt student loans will ever be forgiven as they are a lucrative source of income for the government. I've paid off more than 30K of my wife's loans and have hers down to a little over 2K now. Until the past few years, we haven't really made enough to put a dent in both of our loans, so after paying around 25K of mainly interest since 2001 on mine, I still owe around 50K. I Just applied for a PSLF (Public Service Loan Forgiveness) since I work for a non-profit health care organization (RN). If they decide I qualify, I'd have to be on an income contingent repayment plan and successfully make 120 payments (10 years), without missing or being late on any payments and after 10 years, my remaining balance would be forgiven (I've been on an income contingent plan for a few years now and it's possible I will get credit for the payments I've been making to shorten the 10 years, but i'm not getting my hopes up). I'll still pay more than I borrowed on this plan (my current payment is $625/mo and will only go up when I pay off my wife's loan, and each year as we make more money), but at least I'll stop getting fisted with interest after 10 more years, and my son wont be having to finally pay it off when I die. In three more years at my current payment, I will have paid back what I originally borrowed, so the next 7 years after that will basically be nothing but interest. If I could take the $$$ out of my 401K to pay it off right now, I would in a heartbeat. we're paying around 1K a month right now for our student loans, would be nice to be saving that money for my son's college so he doesn't have to fall into the same hole. We have a college savings for him, but always wish it was more.

Why didn't you pursue PSLF earlier?

 

[2veloce2003]

Unless you signed for her loan or she signed for your loan EACH IS INDIVIDUALLY LIABLE. This BS about including joint income for repayment process is a scam by the company that is collecting the payments.


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[Revvv]

This boggles my mind. Your entire household has/will have student debt. Maybe your daughter should skip it?

Not a chance. Education is not something I encourage anyone to gamble with. College is not negotiable for either of my children.

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[Blk04L]

that's far from crazy by todays standards.

One of my brothers good friends just graduated from Ga Tech - $90k deep.

Sister paid that per year for 4 years in dental school.

 

[CV355]

I have no student loans- worked my way through college, had no "young adult" life haha.

My wife has ~$30k in student loans left. Here's how it will go- if "debt forgiveness" happens, it'll happen after we make our last payment.

I remember when I went to college for a semester.
and at 16 an hour.. I made too much money to get help (according to that school) and had to drop 3 grand to take the class..
..needless to say I only took one class

Ohh I know that all too well! I was making $5.75 an hour when I started college and the financial aid guy said "your parents make too much." When I explained I was not receiving any assistance from my parents, he said "I'm sorry, that's not how the system works." I was a minor until my 3rd year of college, so as long as you are claimed a dependent, you aren't getting squat. Thankfully my $5.75 days ended and I started making $16/hr in the end of my sophomore year.

Based on how "un-fun" my college experience was, I had a really nasty, sour opinion of it from there on out. But now I'm seeing younger guys go for their Masters of Engineering and they get to study some COOL STUFF. Stuff I WISHED I had the opportunity to learn about. So, my opinion is "evolving" over time (I'll admit, most of mine do). I still think it's overpriced, many classes are unnecessary, most are liberal spawning pools, but education on the whole is important.

If I had the opportunity to study, full time, and not worry about necessities (food, lodging), I'd jump at it. It's not an opportunity I ever had.