Student Loans Regret?

moonshoes08

moonshoes08

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Apr 1, 2014
Just wanted to get a quick take on everyone that has graduated from college with a B.A, masters, doctorates or P.hD. Do you regret going to a school that put you into a significant amount of debt? Has pursuing your dreams been worth the expensive cost of higher education? If you could do it again, would you have went a cheaper route or stayed at home for school?

Im at a crossroads myself wether to hurry up and get my doctorates at an expensive school now or wait a year and get accepted to a significantly cheaper institution. 
 
for what you are trying to decide and if i were you, id wait and work for a year or two to knock of some of the principle off the loan(s)...accrued interest can be a *****...one of my loans accrued almost 25% of the principle over a two year period (from my sophomore to my senior year) and def go with the cheaper school...

its been a tough lesson for me, not because I'm unable to cover payments, but because I'm not maxing out my 401k (still contribute 8%, with a 50% match), or investing other ways when I'm young.

i keep a small emergency fund that i don't touch and send the vast majority to knock off as much principle as i can. i still have some fun and buy things but not as much and keep it under certain amounts. 

I've made peace with my decision, accepted the situation it has put to me in, while using it as a learning experience, and am navigating my way out. 
 
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Engineering degrees are going to have a better return than other degrees despite the cost being the same. I'd say if you're in EE, CS, etc, it's easily worth it. Whereas if you studied art history or something, you might have some regrets about spending 30k+ on your degree.
 
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I whole heartily regret it. My biggest regret in my entire life was college.

Graduated from Drexel University with a Business degree...minored in finance and accounting...landed the job i wanted as a financial analyst at NASA. Still have 60k in debt im 26 years old and have already paid 25k. My loan payments are $1,100 a month....i make 75k a year...which with my loan payments basically is like making 40k.

You work your *** off at your job just to try to get your nose above the water line so you can breath some air. I am finally there but with the loan payments and rent i live off 1 paycheck a month...and thats not even counting car, cell phone, gas and other essentials. By the time i hit 80-90k i might be living like a normal person. I won't be "free" until im in my 40s.

That thought constantly weighs on me, it hampers everything in my life. I have second thoughts about getting into a relationship because i can't afford it...can't even think about if i knocked a girl up and had to pay for a kid....my life would be ruined. All i can take from it is i got got by the system.
 
I stayed at home during school and I still have loans to pay. Luckily i only have around $5k left to pay. It wasn't worth it imo because I work at a crappy job and getting paid enough.
 
Jking0821 said:
I have second thoughts about getting into a relationship because i can't afford it...can't even think about if i knocked a girl up and had to pay for a kid...
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possibly my BIGGEST fear right now...not that im smashing much right now
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Bout 70k deep going to be about 90k when it's all said and done. I worked all through college, when its all said n done ill have 2 Ba and a JD at 26 y/o, comparatively Im getting a bargain. Only thing I would have done is worked more after undergrad saved and not be struggling now.

But honestly, no regrets, no kids, no girl, this is the best time, most people are pretty broke in their twenties. When I'm thirty I hope to be pulling 100+ which is pretty normal for a fourth year associate....but soon as my loans are dead, I'm going solo; working for someone is for the birds.
 
if people want to know more about how big of an issue student loan issues really are, C-Span's Washington Journal is breaking down the issue pretty good this very second...

series.c-span.org/Journal/

look at today's segments (5/13)...they've dedicated over half of their broadcast to cover the issue in depth...
 
Biggest regret with student loans is taking out a private loan of about $20k at about 9% interest. :smh:
 
Currently a part time student at AAU (Academy of Art University San Francisco) as a photography student. Will be done in about 3 - 3.5 years so about 7 years total. Since I go to an art school, tuition and class units are expensive so by the time I'm done, I will most likely be 60-80K in debt, possibly 100K with 6-9% interest. 

I was talking to a few of my friends who graduated from the same school and others that took out loans in general, they say they pay any where from $200 to $500 so it was somewhat good news to me. Reading some of your guys story/stories and give me hope and feels like I'm in the same boat as you guys. I'm not worried as much since I don't pay rent nor have kids but pay for small minor stuff like credit card bills, gas, food, and any other random expense including shoes haha. I have three jobs and one of them being a wedding photographer will def help me pay for a lot stuff. 
 
I regret taking out a loan when I did not need to. I was on a full ride but I wanted to travel during the summer and did not want to do it through CC. I ranked up 17k in studen loan debt. I have about 7k left that I plan to pay off this year.
 
Jking0821 said:
I whole heartily regret it. My biggest regret in my entire life was college.

Graduated from Drexel University with a Business degree...minored in finance and accounting...landed the job i wanted as a financial analyst at NASA. Still have 60k in debt im 26 years old and have already paid 25k. My loan payments are $1,100 a month....i make 75k a year...which with my loan payments basically is like making 40k.

You work your *** off at your job just to try to get your nose above the water line so you can breath some air. I am finally there but with the loan payments and rent i live off 1 paycheck a month...and thats not even counting car, cell phone, gas and other essentials. By the time i hit 80-90k i might be living like a normal person. I won't be "free" until im in my 40s.

That thought constantly weighs on me, it hampers everything in my life. I have second thoughts about getting into a relationship because i can't afford it...can't even think about if i knocked a girl up and had to pay for a kid....my life would be ruined. All i can take from it is i got got by the system.
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I am looking at Drexel University for Grad School. How was your support with the Professor when you graduated to look for employment and how was your 4 years at the University?
 
dunksrnice said:
 
Currently a part time student at AAU (Academy of Art University San Francisco) as a photography student. Will be done in about 3 - 3.5 years so about 7 years total. Since I go to an art school, tuition and class units are expensive so by the time I'm done, I will most likely be 60-80K in debt, possibly 100K with 6-9% interest. 

I was talking to a few of my friends who graduated from the same school and others that took out loans in general, they say they pay any where from $200 to $500 so it was somewhat good news to me. Reading some of your guys story/stories and give me hope and feels like I'm in the same boat as you guys. I'm not worried as much since I don't pay rent nor have kids but pay for small minor stuff like credit card bills, gas, food, and any other random expense including shoes haha. I have three jobs and one of them being a wedding photographer will def help me pay for a lot stuff. 
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Don't know much about photography wages but is this the best idea?
 
i owed 42 but got it down to 34 and finally paid it off... but to answer your question YES... this is exactly why i have no incentive to go back for my masters
 
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Jking0821 said:
I whole heartily regret it. My biggest regret in my entire life was college.

Graduated from Drexel University with a Business degree...minored in finance and accounting...landed the job i wanted as a financial analyst at NASA. Still have 60k in debt im 26 years old and have already paid 25k. My loan payments are $1,100 a month....i make 75k a year...which with my loan payments basically is like making 40k.

You work your *** off at your job just to try to get your nose above the water line so you can breath some air. I am finally there but with the loan payments and rent i live off 1 paycheck a month...and thats not even counting car, cell phone, gas and other essentials. By the time i hit 80-90k i might be living like a normal person. I won't be "free" until im in my 40s.

That thought constantly weighs on me, it hampers everything in my life. I have second thoughts about getting into a relationship because i can't afford it...can't even think about if i knocked a girl up and had to pay for a kid....my life would be ruined. All i can take from it is i got got by the system.
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Holy ****, bro.. :wow: $1,100 a month!!!???!!

Why don't you consolidate? Have you asked your job about loan reimbursement?
 
One of the doctors i work with got engaged, and fiance didnt want to marry him if he still has his student loan debt.  He then got a small condo eating ramen noodles for 1.5 - 2 years and paid off his medical school loans of $300k off in that amount of time. 

Then on the flip side, i have other ER docs i work with still paying theirs off about 2k a month.
 
I never paid for tuition (grants FTW!), but I'm mad that I had to go to college for six years to graduate.
 
i vaguely remember jking talking about his situation in past threads and if i recall, i think they are private loans

unfortunately, there's not much people can do to protect themselves against the insane stipulations that come attached...people dont qualify for the same protections (income based repayment, public service, etc.)

the only benefit with a private loan is that if a person is fortunate enough to find a cosigner with great credit, the interest rates (for now) are low...they are usually based on PRIME or LIBOR rates +3 (or whatever)...i think fixed rates come with higher rates...
 
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