Student Loans Suck

[Victor]

I loved going to college, but the resultant student loan payments have been very onerous. We've been paying for over ten years and still have at least two years left on the biggest one if we use a couple tax refunds, and several more years for the smaller one. This is after paying off a couple others. We'd have so much more disposable income if it weren't for student loan payments.

 

[olderthandirt]

That's a long time to paying off student loans. Is that just for you or for you and your wife both? Out of curiosity, do you now work within the industry of your major? I've heard that many people are getting stuck with huge student loans and then being unable to get work in their fields.

 

[danno]

Here in the UK students don't have to pay back the loans until they are earning a certain level of salary each year. Is it the same everywhere? I didn't go to Uni so I don't have this problem.

 

[BigPapa]

Have you looked into IBR (income based repayments)? This is what we have. It makes your payments reflective of your earnings and makes it far easier to pay. I think that most student loans these days will basically be cradle to the grave debt. Especially now since Congress is trying to raise the student loan interest rate.

 

[Victor]

They are 15 year loans, but since my wife went to school later, the repayment period between all of our loans is longer. My wife is using her degree but I am not using mine. Since she makes a rather good income, I doubt we'd qualify for reduced payments, and truthfully, since we can make the payments, I'd rather make higher ones to get this debt off our shoulders sooner. Life will just be much easier when they are gone, that's all.

 

[olderthandirt]

I really think we need to lobby for a change in how secondary education is run in this country. It's ridiculous to go deep in debt for a degree, particularly now where so many aren't even able to find work in their fields after earning the degree.

 

[Andersson]

Loans like this tie up money for many people I know, my own kids included. I was thankful they were able to cash in on many of the grants that were just not as well known (or used) when I was in school. I think the biggest debt I hear about now is this second only to a person who gets in too deep with a reversed mortgage.

 

[Sinbian]

Don't all loans suck, would you agree?! I'm striving as hard as I can not to get into any loans because I had a few horror stories in the past.

 

[Bear]

My school has actually dropped a lot of student loan programs to protect both the school and the students. They actually just pushed out an email about it this week as it goes into effect for the Fall semester.