I wish I knew where the rest of these commenters lived because that kind of student debt is really not that uncommon. Law school, med school, etc. I know multiple people with debt over $200k.
To be fair, I could have clarified it was not for undergraduate debt. But yeah, every single person I know who went to a graduate school of any kind is in the same boat as me.
It’s a choice to have that debt. I chose to go to a grad program that cost me $90K at the end of it. I don’t feel sorry for anyone who makes that choice.
I have been there girl and I'm now down below six figures. Didn't do anything crazy. Just saved my ass off and was diligent about taking extra money (tax returns, bonus') and put it to my loans. Most people can't even fathom the amount of debt you are talking about so I wanted to post and let you know that while its not something I'd do again its not the end of the world.
Really? That’s amazing! I feel dumb but I honestly don’t know the first thing about getting to that point. I always save money into a savings instead of paying my loans, but maybe I need to stop that.
best to look at the interest rates on your savings account versus your loans. often it is better to pay loans first [i mean, have a small emergency savings fund liquid enough you can reach it in actual emergency, but beyond that...interest rates are really low right now]
I'm sure there are better people to give financial advice but I'll tell you what I did. First I had a savings goal that was like x number of months worth of salary so I'd have a cushion if something unforeseen happened. After that I focused on all extra income towards my loans because it had a higher interest rate than other types of debt (like home loans) and much higher than I could get having my money sitting in savings. I put as much towards my loans every month as I could - to the point that it hurt. I didn't do things with friends or buy things I wanted because of the loans. But I did make myself a deal where as I moved up at work I'd only put a smaller percentage of those pay increases towards my loans and the majority of it was for me. That basically gave me a big incentive to hustle at work because that's how I'd change my lifestyle for the better. I think I'm probably 4 years away from being completely done with that debt.
Reply
Reply
Reply
(The comment has been removed)
Reply
Reply
Reply
Reply
Reply
Reply
Reply
Reply
Leave a comment