student loan debt (bachelor's, bachelor degree, state school, best)
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whats your student loan debt? I swear once I finish grad school I feel that I will be working(thats if i find a teaching job in cali) just to pay off my loans!! I have taken out so many loans to fufill a dream of mine and sometimes i wonder if its even worth it, especially since my field is in teaching and as you guys know, there are not many teaching jobs in cali, because of the budget cuts!
I am not going to diverge any numbers, but I will say that so far my student loans are pretty small. The amount of loans that I have taken out so far for four and a half years worth of college is less then half of what a typical student takes out in loans for one single year. I am pretty darn far from being financially wealthy; just resourceful, I suppose. I am going to go deeper into debt with the next few years, though still not as much as the typical student.
if you dont have to stay in california, or move to california, whichever is the case, go somewhere else. Living somewhere where living expenses are cheaper, at least for a couple of years, will help you pay off those loans faster.
Mine are huge and I will be paying them off for years but that is what it is. Of course not I can not even get a job in my field, imagine that! Great, glad I have that degree!
I lucked out in, at least as far as debt is concerned. I returned to school in my 40's, having decided to finish the degree I started when I was 18, and I never took more classes than I could afford to pay for at a time. Of course, since I was working fulltime and so was my spouse, that meant that I could afford to stay at least half-time. And once I reached the point of qualifying for tuition assistance from my employer at that time, I went to full-time school along with full-time work. As a result, I graduated (finally - at the age of 48) with no student loan debt.
My offspring, however, are a very different story. The elder, who started college at age 23, is in a fast-track 3-year bachelor's program at a private college and will likely graduate with around $40K in debt. The younger, who is apparently on the seven-year plan at a state university, is already at the $22K point and if he manages to finish, will likely wind up with about a $30K student loan debt. I expect that they'll both be paying those loans off until they're in their mid 40's.
I would not necessarily advocate waiting until you're in your 40's to start school for the sake of avoiding debt, though. My earning ability has nearly doubled in the 3 years since I actually collected that sheepskin, and it's more than a little disgusting to think of how much I'd be making at this point if I had gotten the degree a couple-three decades ago.
$68,000! If I don't pre-pay (and why would I, since I locked in at 3.42%), I'll be paid off when I'm eligible for full social security. This is for a graduate degree from a state school and a private bachelor degree. However, it was the best investment I could have ever made. It has much more ROI than my home. I have gone from living in a $175/month crack house apartment and bartending for $7 per hour to owning my own home and being upper middle class for my area. I can say this $68,000 saved my life!
Been there, I know how everybody feels!! It totally sux. My husband will be middle aged by the time he is done paying off his loans. Mine will hopefully be paid off in the next 5 years or so. Sigh.
The good thing about teaching is if you are willing to move, states will forgive your loans. Now, I don't know the entire story and I'm sure there are strict rules but you should look into that.
In Texas, if you taught in a high-need rural area for a certain number of years, your loans or a portion of it would be forgiven. Like I said, I don't know how it all works and whether or not you can even transfer from state to state but if i wereyou, I'd look into it.
Dang, it is going to be nice when all that crap is paid off!
Yup feel ya financial aid + 2 jobs + $50,000 loan for a public BA and a private MA. It's basically $500/month for 10 years however I am also looking to several government jobs and government teaching positions do pay certain amount of loans back for you, as well as starting a side business, basically a good 5 years of being frugal to pay off that amount and if not 10 years is still a great investment, live to learn, learn to live.
I'm a teacher and it took me 15 years to pay off my student loans, but I finally did. I have never regretted borrowing that money to complete my education. It was well worth it.
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