Is your student loan keeping you from living life?

[invain]

I make a bit over $80k/year.... will hit 100k mark by time I'm 30/32.

I live in an apartment (cost of living is very high though so it's not exactly cheap), car is paid off so no payment there, and other than student loans have zero debt.

Problem is, my student loan payment is over $1, 500/month. I can afford to make payments, pay all expenses, and put a small amount of savings away but I certainly don't live like most single 27 yo's making the money I do.

I don't plan on kids or a house anytime soon (if ever) so I am hoping in a few years when my income takes another bump I can start throwing $2k a month at it and pay it down within 10 years. Goal is 100% debt free by 40.

What kills me is the interest. Sallie Mae private loans brah.... dat dere 13% interest.

Should have gone to a state school but oh well. I like my life overall so I really can't complain. Good job, good build, good woman, strong family ties.... I'm blessed all in all.

Holy **** at interest rate. Feel bad for you man.

[SkylineCrash]

Yes and no. I have 6 figure student loan debt but make good money. It keeps me from buying a house, having an early family, and rocking a new M3... but it doesn't keep me from living life.

I make quite good money, but you wouldn't know it due to my mortgage sized student loan payment.

I found me a low maintenance woman that doesn't need a fancy wedding or a benz or an oversized house.
I am hoping that If I live below my means, stay in a reasonable condo/apartment in the city for a good 10-15 years, don't have kids anytime soon (or at all) I MIGHT be able to pay it all off.

TFW you make nearly double what a lot of your friends do but they have nicer things due to no student loans.

Brb, gonna be a 45 year old still paying student loans lol.

out of curiosity, how much do you make a year?

[Autopilot]

Student loans are paid off....feelsgoodman.

[kman3b18]

So early? We are 27 and adopted 7 months ago. She originally went to get into law school. Then switched to teaching. After she found out the union was a joke, she dropped out and took a good paying job with the county. Our child comes first. I think any married woman with a child that has a career has already failed as both a mother and wife.

Also, renting is throwing your money away.

Brah, you and your wife clearly put sound reasoning and logic behind you when making that decision to adopt with that kind of debt. Enough said. If she was dumb enough to not have any forward thinking when it came to her education then the consequences are children at a later age or a poverty family life. Why not adopt at 30 and work a few more years to become debt free? I suppose that would make too much sense as well.

Oh, and your lack of logic also takes over when it come sto statements like "renting is throwing your money away." Obv it can be, but you clearly know nothing about Price to Rent Ratios and Expected Value of time when dealing with housing issues. Ask all the people who bought houses from 04-08 just how well their 'housing equity' turned out. Point being, don't make blanket statements.

[engj]

Lol @ people thinking they have their life figured out at 18-20.

This place is filled with 19yo experts on everything.

That's how mortgages work, it also depends on your down payment. I don't know what part of MD you're in but i did a quick search and bowie (no clue just found the area code) has average apt rent for a 2 bd room is $2100. A 5 bedroom 450k home is 1700mo mortgage with a 20% dp.

Cool, so houses are more affordable.

Just whip out $90,000 for a down payment and bam, you're there!

[BENNAYBOY]

im going to graduate college with no student loans because i go to a cheap school and commute.

[rollbreak]

My student loans have less than 1,5% intrest

brb loaning money even thought i dont have to
brb investing them and actually making money
brb no need to pay off debt until im 50
brb brb

You jelly murica brahs. And the governent gives me an extra 600usd just for being a student.

brb ausbrah

brb 530 every two weeks for being student
brb 5k tuition per year ( at world renowned med school here )
brb 4 year underdrad degree cost me 25k ( with a 7k loan for a study abroad semester)
brb 0% interest
brb if i voluntarily pay back extra, i get 20% extra of what i pay paid for by the government

[Messier_Object]

Brah, you and your wife clearly put sound reasoning and logic behind you when making that decision to adopt with that kind of debt. Enough said. If she was dumb enough to not have any forward thinking when it came to her education then the consequences are children at a later age or a poverty family life. Why not adopt at 30 and work a few more years to become debt free? I suppose that would make too much sense as well.

Oh, and your lack of logic also takes over when it coyme sto statements like "renting is throwing your money away." Obv it can be, but you clearly know nothing about Price to Rent Ratios and Expected Value of time when dealing with housing issues. Ask all the people who bought houses from 04-08 just how well their 'housing equity' turned out. Point being, don't make blanket statements.

I obviously make enough to support a wife and a son on my pay and make the payments for our loans. We just don't have the extra money we'd like. Through all your logic talk, you missed that part.

[j.w.13]

That's how mortgages work, it also depends on your down payment. I don't know what part of MD you're in but i did a quick search and bowie (no clue just found the area code) has average apt rent for a 2 bd room is $2100. A 5 bedroom 450k home is 1700mo mortgage with a 20% dp.

lol @ using bowie as an example

metalo: sorry if you're from bowie no offense

[SKIN__N__BONES]

So early? We are 27 and adopted 7 months ago. She originally went to get into law school. Then switched to teaching. After she found out the union was a joke, she dropped out and took a good paying job with the county. Our child comes first. I think any married woman with a child that has a career has already failed as both a mother and wife. Plus, we'd be breaking even if she went back to work because she'd be working to pay for child care.

Also, renting is throwing your money away.

Once your child is in school will she go work part time? Wont be paying child care much once the child is in school

[j.w.13]

Yeah but unlike you, ive been and will be smarter with my money staying one step ahead, you save early to avoid this later on. You're the one who decided to have a family at age:27 with knowledge of your financial situation.

you grew up in a different time. that 7 years makes a difference.

brb taught that you go to college or you'll work at mcdonalds
brb schools inflated employment rates

i'm happy for you that you're going into adulthood with more information. i feel blessed every day that i was able to get where i am now despite the economic situation i walked into. i have a lot of friends from law school that aren't in the same boat--those that aren't drowning, anyway.

[DTRrex]

out of curiosity, how much do you make a year?

Bit over 80k/year

[Messier_Object]

Once your child is in school will she go work part time? Wont be paying child care much once the child is in school

We are homeschooling.

you grew up in a different time. that 7 years makes a difference.

brb taught that you go to college or you'll work at mcdonalds
brb schools inflated employment rates

i'm happy for you that you're going into adulthood with more information. i feel blessed every day that i was able to get where i am now despite the economic situation i walked into. i have a lot of friends from law school that aren't in the same boat--those that aren't drowning, anyway.

This. We were told that you either go get a degree or you'll be poor for life. When you are young and told this for 18yrs of your life, topped with promises of good paying jobs and that you'll get all the help you need, you believe it. Unfortunately, it was a big lie my wife fell for. This is what happens when we have a system that doesn't teach money management in the real life. At 18, loans are simply an abstract idea of money until you realize you have to actually pay it back. My wife regrets her decision every day, but nothing we can do about it now. We learned from it and it's something we'll make sure our children understand.

[jwlee7ucla]

48,500 in debt and you pay $95 a month on it? Is this real life?

i owe 50k, and have to pay 800 a month. this guy is on crack.

[1050rwhp]

brb taking 42 years to pay off a 4 yr education degree, u wot m8

Financially it makes sense though you ****ing animal.

You can use your money to invest and make more money, 95 a month is a very small hit.

You can use your money to invest in something, make that 48k and pay it back.

[yosef1988]

13% interest!!!!!!!!! Holy fuq, that's unreal man. Paying that rate I would live absolutely poverty if I were you and try to pay it all back in 5yrs time.

My private loans are through my university's endowment and the rate is only 4.5%. That chit is cray.

this get your 13 % reduced brah

my mind is completely fukking shattered at ppl who owe like 30k and up.
i owe zero. does nobody here get scholarships to schools? and if you dont get a scholarship, whats wrong with a state school? holy chit.

i go to a 43k/yr uni. if i were to live here it would be 57k/year.
lol phuck that. got a scholarship and stayed at home. ended up paying <10k for four years combined.

had i not gotten a scholarship i would have gone to some 6k/yr state school or something.

was the 47k place a private uni?

Are apartments cheaper than houses for you guys? Around here, unless you get section 8, apartments cost the same. 2 bedroom apartment averages around $600-$800. We live in a 3 bedroom house with an attached 2 car garage, basement, and 1 acre for $800. And we own, not rent.

O_O in toronto rent for two bedrom averaged 900-1000, and the average mortgage because of the cities yearly 10k landtax on the average sized property most people ill pay 1600 up and that doesnt even cover utilities

[yosef1988]

Yup.

When I signed up for them they all kinds of consolidation programs, interest reduction, payback assistance, etc.... then the collapse happened and all that went away in my senior year and I was fcked.

They are getting better with working on it with me though.

I'm gonna hopefully start putting extra towards it soon and after 30/32 increase payment by 50%, put all tax returns toward it, and maybe pick up one of those internet tutoring gigs for extra scratch and pay that all off.

By 40 I hope to be 100% debt free.... just sucks because most people by 40 have significant savings, equity in a house, big 401k, etc... and I'll have nothing aside some measily savings and a measily 401k.

Money never mattered to me much though. So long as I have aesthetics, friends, family, a good woman, amd can support myself and take vacations here and there I am good.

damn man, stay in there brah

[yosef1988]

Brah, you and your wife clearly put sound reasoning and logic behind you when making that decision to adopt with that kind of debt. Enough said. If she was dumb enough to not have any forward thinking when it came to her education then the consequences are children at a later age or a poverty family life. Why not adopt at 30 and work a few more years to become debt free? I suppose that would make too much sense as well.

Oh, and your lack of logic also takes over when it come sto statements like "renting is throwing your money away." Obv it can be, but you clearly know nothing about Price to Rent Ratios and Expected Value of time when dealing with housing issues. Ask all the people who bought houses from 04-08 just how well their 'housing equity' turned out. Point being, don't make blanket statements.

wait the baby is adopted? i must have missed that comment, who the hell adopts before paying off student loans?

[engj]

wait the bay is adopted? i must have missed that comment, who the hell adopts before paying off student loans?

Adoptions can take years to get placed.

When you start the process you have no idea if/when it will actually happen.

[yosef1988]

Adoptions can take years to get placed.

When you start the process you have no idea if/when it will actually happen.

this is why i am going to be a foster parent and officially adopt him or her at the age of 13

[MajesticLion]

Its called making sacrifices

This is where a lot of people reading this will fail.

[hardbrah69]

I have about 25k left. It is preventing me from quitting and traveling.

[Messier_Object]

Adoptions can take years to get placed.

When you start the process you have no idea if/when it will actually happen.

Depends. We did a private adoption so we just had to wait for the mother to give birth. Anyway, we have been trying for years to conceive, even with the help of drs. We let it be known we were willing to adopt and it just so happened a woman heard about us and wanted to give her child up for adoption when he was born. Not knowing if we'd ever conceive or if an opportunity to adopt would ever arise again, we did it. There's nothing we wanted more than to be parents and when the opportunity was there, we took it. Our financial situation was looked at by social workers and the courts and was good enough to prove I could provide for a child.

[Messier_Object]

this is why i am going to be a foster parent and officially adopt him or her at the age of 13

A lot of foster parents don't have a choice. A child may be placed into your care temporarily. It'd be a hard thing to do, knowing that the children you love may be court ordered back to their parents.

[yosef1988]

A lot of foster parents don't have a choice. A child may be placed into your care temporarily. It'd be a hard thing to do, knowing that the children you love may be court ordered back to their parents.

ok i will keep this in mind, if the child works out I will adopt if not then....