Student Loans Regret?

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.

damn.
 
jking out of curiosity, what are your interest rate(s)? have you looked into any consolidation? 
 
jking0821 jking0821 ... First off, your awareness of your financial situation and responsibility with managing your student loans is very respectable. Refreshing to hear that kind of thinking/story on NT and I'm sure you will be fine dude. Actually sounds like you are doing much better compared to most of your peers.

Yeah not that im like "no way im getting into a relationship...i obviously would if a good one presented itself...but just constantly concerned about my financial wellbeing

I want to touch on this a little bit because I have a pretty average salary two years out of college but have been in a serious relationship that whole time. I'm no simp but real talk having a girlfriend is expensive as hell. It's important (for more than just financial reasons) that you get into a relationship with someone who doesn't expect you to pay for everything and be treated all the time. But even though my gf would buy me gifts, groceries, and even paid for dinner dates occasionally I basically have zero money saved up (aside from 10% that gets automatically taken out of my paycheck for savings) and I attribute it to being in that relationship. Getting my tax refund this year was a huge relief because I could stop literally living paycheck to paycheck and being stressed out not having that cushion money. Was the relationship worth it? Absolutely, I regret nothing. But it does suck knowing how much money I could've saved if I didn't have a gf and lived more low key. If you find the right girl it's definitely worth it though. I'm not even with this girl I'm talking about any more and still have no regrets.

Also, to you more mature guys dating/looking for serious relationships right now... How much importance do you place on your girls financial literacy and debt? Just found out my new gf is going to be graduating with zero debt and she goes to an Ivy League school. She's done a bunch of internships also so I'm sure she'll be employed out of college. Was a huge relief for me. I don't think I could date a chick post-college with no job or a bad job and a lot of debt.

The current girl I'm seeing (3 months) is worried about my retirement planning and is refering me to her financial advisor. I was real eye opening when we had the conversation and how much more she knew about the topic than me.
 
The current girl I'm seeing (3 months) is worried about my retirement planning and is refering me to her financial advisor. I was real eye opening when we had the conversation and how much more she knew about the topic than me.

That's what's up though man. Are you thankful for having that discussion with her? Not enough young professionals are thinking think about saving for retirement when they first start their careers. My aunt had the conversation with me and got me started when I was doing my first paid internship as a 19 year old. I wasn't too happy about seeing that 10% disappear from my paycheck but I am so grateful now watching that money keep growing and growing. I'm going to be living comfortably when it's time to retire but I wasn't even thinking about retiring or anything like that before. To me it was just $100 gone I could've spent on food/partying/clothes/kicks/etc...
 
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I don't regret it and I work in the financial aid field now


biggest thing I can tell students is don't be that moron that takes out excessive money so you can fake stunt then owe much more than you should in the end
Who would do something like that?
http://www.google.com/url?sa=i&rct=...q7GKfbSiQ3dfKYwnpLU6_T-g&ust=1400164864730740


:lol:

I didn't necessarily take out more to stunt, but I did take out more for rent each semester. It was tempting as hell to go on a shopping spree when that huge refund check hit though. That said, I'm pretty sure I'm still paying for a few pairs of J's right now though. Had to buy myself a little something. :smh:

My biggest regret is dicking around in school and getting 2 semester's worth of incompletes. Wasted thousands of dollars when I could've just withdrawn from school and got a refund. Such an idiot back then.

I'm down to owing 17k though. Graduated with 40k. Payment is $75/month for now and I'm gonna nickel and dime these MFers until it's gone.
 
jking out of curiosity, what are your interest rate(s)? have you looked into any consolidation? 

I have 3 separate loans still from sallie mae. I paid off one year of college basically have 3 more left. They are currently at 6.5%, 6.5%, and 6%. When i graduated they were all in the 9-10% range. Since they are all private there really isn't much of an option other then default and even that becomes a court case and is not guaranteed to free you from the obligation. But it could get a portion of it discharged. Not too mention Sallie Mae is underwritten by the government. So sadly even if you try to default sallie mae will get the money one way or another. It leaves the borrower with next to no leverage. But the problem i have is that i make enough to afford repayment. So i called and bartered with them to get my interest rates lowered but they go up each year. My payments were $1250 when i first graduated i had them at $1080 last year and this year they are $1,120.

Only advice i can give is call sallie mae and just keep saying "can i please speak to your manager". Literally the manager is a button click away from making lives miserable or livable. My quality of life for an entire year depends on if this one manager thinks i should be in a reduced interest plan for another year. So i was like look...i want to pay them back obviously...i can pay them back...this is what i can afford....he took my income and expenses down and ran his calculations...tells me to cancel my phone...gym membership....find a carpool to cut down on gas....then told me $200 a month on groceries was too much that can be cut down to $100...so you should pay $1,300 a month. It's laughable at times when they think you deserve to eat ramen noodles and live with no electricity to pay back sallie mae....a billion dollar company....and my account's 2% interest rate hike will really help their bottom line :smh: . But i stay calm and try to barter my way to a reasonable payment and its got me to where i am now. When i graduated i did blow up on them a good 2 or 3 times. But i have learned to try to be a tad more reasonable now a days. But how you going to tell me i can pay $1300 a month when my pay checks were $1050 bi monthly....like you don't know what its like to live if you think that is possible.
 
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Luckily for me, I got a full ride to undergrad. So no loans here. Now I'm in grad/med school with a full ride and a 33k stipend. I'm trying to save as much as I can now, but it gets hard sometimes with rent and other miscellaneous expenses, especially living in NYC. I'm not making any serious money, but I suppose I'm in a better position than a lot of people. My girl took out some loans during undergrad, but I think she only has about 5k left.

Either way, I can relate to not wanting to have a kid anytime soon... it would kill me.
 
I whole heartily regret it. My bigg
est 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.
How many years of experience do u have?

I started at NASA Jan 2010 so 4.5 years. I was an junior accountant when i graduated at Laureate Education and interned at T. Rowe Price during college. I have had some luck on my way and i have worked hard to get where i am. But it is hard to not fantasize some times how well off i would be with 0 college debt :lol:. I wouldn't know what to do with $1100 extra spending cash a month.....da hemi?

But i won't soap box my hate for the system because in the end it was all my fault and my ignorance that put me where i am.

But if i could reform things i would just allow finance classes in all high school and have a college prep courses. Doing everything on your own as a 16-17-18 year old is hard. Setting up visits dolo, trying to find out about financial aid and grants dolo is tough for a kid. Also allow you to take classes in your first 2 years of college that aren't just prerequisites. I had no clue what i wanted my major to be when i had to declare to get into the business school. I had not one single engineering course offered....i wish i knew what an engineer did before i said..."uhhhh i guess business?"
Was the big 4 not an option?

It is a very crappy job as I'm sure u know, but u need a hefty paycheck right now.

if you stayed with them for 4+ years you'd either be a manager or close to it. Then if you leave them for an industry job, you'd be knocking on 6 figures because that big 4 experience is coveted.

You may want to see if u can get in with them. If you have any friends at any of the firms, they can recommend you. As an experienced hire u would be making more than others in your tier.
 
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.
Going to a private university was your problem my man.
 
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.
Too much realness for one post.

Also $1,100 a month is considered a lot for payments? I saw jjs07 jjs07 with the shocked face. I think thats around what my minimum is for a month, but I pay more becuase I'm trying to get rid of these ASAP.

Yea...I was shocked. I honestly have no reason to complain as I have a meager payment from grad school for $245 month.

I REALLY feel for you guys, especially JKing. Hang in there. I just don't know what else to say. Situation sucks.

It's just not right that you all are having your quality of life affected this month due to absorbanent (sp?) monthly payments. :smh: System needs to be fixed.
 
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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.
Too much realness for one post.


Also $1,100 a month is considered a lot for payments? I saw @JJs07 with the shocked face. I think thats around what my minimum is for a month, but I pay more becuase I'm trying to get rid of these ASAP.

Yea...I was shocked. I honestly have no reason to complain as I have a meager payment from grad school for $245 month.


I REALLY feel for you guys, especially JKing. Hang in there. I just don't know what else to say. Situation sucks.
Mine is similar to his which is why I asked. $245???????Wanna trade lives?
 
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.


Going to a private university was your problem my man.

Private and out of state all sorts of bad ideas :lol:

And honestly i just don't like accounting :lol: I really preferred the financial field. I have one college classmate that i still talk to that is at PWC. But I am happy with my job and salary. I know a lot of people can't say that. I infrequently apply for Management jobs at Under Armor in Bmore. I would like to work there but they still pay 50k to analysts with 5 years experience. I am in no rush to leave here or do anything else.
 
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Private and out of state all sorts of bad ideas :lol:

And honestly i just don't like accounting :lol: I really preferred the financial field. I have one college classmate that i still talk to that is at PWC. But I am happy with my job and salary. I know a lot of people can't say that. I infrequently apply for Management jobs at Under Armor in Bmore. I would like to work there but they still pay 50k to analysts with 5 years experience. I am in no rush to leave here or do anything else.

Maybe you answered it and I missed what you said, but have you 1) asked your employer about paying off some of your loan, or 2) applied for other jobs that do offer to pay off student loans? I know there are companies out there who will do this.
 
Private and out of state all sorts of bad ideas :lol:

And honestly i just don't like accounting :lol: I really preferred the financial field. I have one college classmate that i still talk to that is at PWC. But I am happy with my job and salary. I know a lot of people can't say that. I infrequently apply for Management jobs at Under Armor in Bmore. I would like to work there but they still pay 50k to analysts with 5 years experience. I am in no rush to leave here or do anything else.

Maybe you answered it and I missed what you said, but have you 1) asked your employer about paying off some of your loan, or 2) applied for other jobs that do offer to pay off student loans? I know there are companies out there who will do this.

I know a lot of places offer federal loan pay off options but i don't know many places that will give you money for private loans. I have come to learn that 90% of the "options" only exist for federal loans. All the "income based" repayment plans...all for federal...not for private.
 
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I'm blessed to have financial aid pay for my school, but two semesters of straight academic failure is probably gonna change that. I get a discount from my University that makes tuition about $1500 a semester. If financial aid doesnt come through( have only myself to blame 
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) I either have to take out a loan or work part time and pay off school. 

God bless y'all that have these crazy loans to pay back, I feel for you guys. 
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I got 2 degrees and paid for all my school and board on my own. Acquired 50k+ debt (I consolidated the several loans) in federal loans. After living on my own, for the last 7 years I decided I'm not taking out anymore loans and moving back home. I got a job near home, but from a independence and dating perspective it sucks to move back home.

- I'm on the income based repayment plan and pay ~300$/month through fedloan.org

- I signed up for the public service loan repayment plan (after 10 years of making payments on time, loans are paid off in full). I setup direct deposit auto-payments, so I can't miss. Should save some couple thousand

- Interest is tax deductible

- Paying off loans bring up credit score

With all that said: I hate being in debt, owing people $, and it weighs on me. It's part of much of my thinking for planning for my future, that I will be taking it with me for years on years.
 
Man, all these numbers floating around, does it include the interest when it's all said and done?
 
I'm about to enter my third year with 0 debt baby :pimp:

Bless all of you and your wallets. This thread makes me feel like a millionaire
 
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.

All of this

View media item 274401

Every day I regret my loan. :smh:

I'll be at work like...

View media item 664546
 
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jking out of curiosity, what are your interest rate(s)? have you looked into any consolidation? 

To answer your question: I have a unsubsidized federal loan. My loan as of today is a lil under $7000 at a interest rate of 5.125%. At this point that's roughly $1 a day in interest.

The only thing I regret about my loan was not getting educated or took it seriously about it when I took it out. Than again, I was about that life. But I know that my lil brother will not make the same mistake.
 
I entered university in 2008 and came out in 2012 with $17,000 in total student loan debt. It actually pisses me off how unlikely that is to happen today, especially given the postgraduate job market is rather bleak right now.

My case was/is extremely rare due to the fact that my father becoming terminally ill the year before I applied for financial aid. He ran a business, had a six-figure income, but as soon as he got sick, income statements were a big fat $0. FAFSA ran with those reports and I ended up getting a ton of aid, which somehow did not make any sense to me but I was in no position to complain as I was very naive at the time. My best friend on the other hand, has two immigrant parents who work as janitors 7-days a week; live in a 1-bedroom house in South LA with 3 kids, and somehow he ended up with less grant money than I did.

My current boss now has two kids about to go to college and when he initially applied for aid, he already had savings funds in each of their names already exceeding ($100K each). He's since shuffled the money around, revised the statements FAFSA will be looking at, has appealed his financial aid amounts, and is now set to get his kids more grant money and reduced interest rates.

It's crazy how many loopholes are in the financial aid system. :smh:
 
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