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Author Topic: 7 years of school on to 20 years of debt.  (Read 4069 times)

Offline John Galt

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7 years of school on to 20 years of debt.
« on: August 30, 2013, 01:05:45 PM »
    My girlfriend will be finished school after 7 years  , and on the payments we figure we can swing monthly. it will only take us just shy of 20 years to pay off her's and my student loans. Now it is on to the stage of getting her into a position as a nurse practioner, instead of a RN. I am hoping after she finds a job more along the lines of her qualifications we can cut the time in half on paying the loans. I am not looking forward to paying so long on a debt like that.
« Last Edit: August 30, 2013, 01:08:06 PM by John Galt »
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Offline zack1234

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Re: 7 years of school on to 20 years of debt.
« Reply #1 on: August 30, 2013, 01:57:04 PM »
Why is getting yourself into debt anyone's concern?

You were forced to get educated?

I have worked for 40 years and have no coin I could only buy a $3000 gaming pc with cash, it was awful :old:

 
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Offline John Galt

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Re: 7 years of school on to 20 years of debt.
« Reply #2 on: August 30, 2013, 02:00:49 PM »
 I wasn't forced to get educated but I thought it to be a good idea to be competitve in the world... I don't have enough swag to work at Mcdonalds.

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Offline John Galt

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Re: 7 years of school on to 20 years of debt.
« Reply #3 on: August 30, 2013, 02:05:51 PM »
Also Zach if you are so worried about it being anyone's concern why post?
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Offline SmokinLoon

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Re: 7 years of school on to 20 years of debt.
« Reply #4 on: August 30, 2013, 02:17:20 PM »
Make sure you combine all the loans in to ONE, that will reduce the % you pay.  Also, get the payments on a automatic withdrawal every month, that too will lower your % point.

I think I put my $20,000 out for 30 years.  Ditto for my wife's.

Also, not be be morbid but do NOT combine those loans and do NOT pay them off early.  First, the % you pay is as low as it gets. Any money you'd apply towards paying off student loans early should go towards a house, car, etc, payment.  Secondly, if you die before the loan is paid off the debt is forgiven.  No need to combine with your spouse and force her to carry it on (and vise-versa) due to an early death. 

I was on the 7 year plane for the 4 year degree.  I spent extra time in college writing papers on WWII, seriously.  I enjoyed the 400+ level courses when there were only 3-4 of us in class.   :D 
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Offline EskimoJoe

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Re: 7 years of school on to 20 years of debt.
« Reply #5 on: August 30, 2013, 02:40:12 PM »
My college education will be free.

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Offline Curval

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Re: 7 years of school on to 20 years of debt.
« Reply #6 on: August 30, 2013, 02:54:16 PM »
I'm busy accumulating a large accounts receivable balance from my three kids for all their school fees.

$18k per year for two of them and $40k a year for the third.

It's a big number.  

They are 9, 12 and 14.  It's going to be a REALLY big number by the time they are done.  None of them are anywhere near college.
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Offline dedalos

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Re: 7 years of school on to 20 years of debt.
« Reply #7 on: August 30, 2013, 02:59:29 PM »
Quote from: John Galt on August 30, 2013, 01:05:45 PM
   My girlfriend will be finished school after 7 years  , and on the payments we figure we can swing monthly. it will only take us just shy of 20 years to pay off her's and my student loans. Now it is on to the stage of getting her into a position as a nurse practioner, instead of a RN. I am hoping after she finds a job more along the lines of her qualifications we can cut the time in half on paying the loans. I am not looking forward to paying so long on a debt like that.

you do know that as your career progresses, you will be making more money that may allow you to pay things off differently?  College just gives you a start. Now its up to you. You loan will be getting smaller but your salary should be going up.  

Mine more than tripled after 6 years out of school.
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Offline zack1234

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Re: 7 years of school on to 20 years of debt.
« Reply #8 on: August 30, 2013, 03:28:30 PM »
Quote from: John Galt on August 30, 2013, 02:05:51 PM
Also Zach if you are so worried about it being anyone's concern why post?

Bit of advice for free, eat bake beans,get a cheap car or use the bus and don't go on holiday, your debt will be paid off in three years :old:

next bit of advice is $35 dollars a hour.

Whats up with working at Mcdonalds?

Anyone who works is up standing :old:
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Offline ACE

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Re: 7 years of school on to 20 years of debt.
« Reply #9 on: August 30, 2013, 04:01:57 PM »
$35 an hour is a really nice job in America Zack lol. I wouldn't know what to think if I landed that. The place where I put in my resume for my career path tops out at $28/hour with great benefits. Starting pay is 19.25/hour.
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Offline Vulcan

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Re: 7 years of school on to 20 years of debt.
« Reply #10 on: August 30, 2013, 04:39:25 PM »
7 years to become a nurse? Would've thought 7 years was high even for a doctor?
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Offline Easyscor

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Re: 7 years of school on to 20 years of debt.
« Reply #11 on: August 30, 2013, 04:44:54 PM »
Until the rest of west follows Scotland's lead and offers government paid college education, notice I'm NOT including room and board, just like we do with elementary and high school today, we will continue to loose our place in the the competitive world of the future.

Yeah, okay tax payers, you may chime in with the same argument as the citizens of early America's past, "Why should tax payers pay for educating the poor?"

Educated people generate much more tax every year of their lives.
The state spends to get more back.
The poor also have an equal right to education and the taxpayers make a profit on the deal.
When it comes time for you to retire, where do you think your social security payments are going to come from. Certainly not from the uneducated folks standing on the street corner because they saw no hope of getting a higher education.

Sorry, my hopeless personal crusade.
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Offline zack1234

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Re: 7 years of school on to 20 years of debt.
« Reply #12 on: August 30, 2013, 05:15:18 PM »
Scotland has free education because English taxes pay for it :old:

Its how we steal their oil :old:
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Offline Nath[BDP]

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Re: 7 years of school on to 20 years of debt.
« Reply #13 on: August 30, 2013, 06:48:30 PM »
Quote from: Vulcan on August 30, 2013, 04:39:25 PM
7 years to become a nurse? Would've thought 7 years was high even for a doctor?

Nurse practitioner.  Pretty diverse degree to have.
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Offline Easyscor

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Re: 7 years of school on to 20 years of debt.
« Reply #14 on: August 30, 2013, 07:03:22 PM »
Quote from: zack1234 on August 30, 2013, 05:15:18 PM
Scotland has free education because English taxes pay for it :old:

Its how we steal their oil :old:

Wise of them to use the money that way.

How do you explain the astronomical number of engineers graduating in China and India?
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