OUCHHH met someone with almost 200k in student loans!

The other day I met someone with right under 200k in student loans!!! The have a PsyD from Forest Institute of Professional Psychology....I just couldnt imagine having that kind of debt hanging over my head for a PsyD...it seems like it will never pay off at that price. I have about 25k right now and after I get my masters I would like to have less than 40k total in student loan debt. That doesnt sound too awful does it? Lets hear what some other student loan debts are.

 

So far, I have zero student loan. But my Post 9/11 GI Bill only cover up to 2 years at Nova Southeastern University. Therefore, I have to finance for my dissertation, or taking slow by asking future employer for tuition assistance.

 

$200K is nothing compares to $555K URL: The $555,000 Student-Loan Burden - WSJ.com

Or
Bachelor in Sociology with $200K student loans.
What $200,000 in Student Debt Looks Like

 

Zero loans - paid as I went and used tuition assistance.

 

...bu..bu...but they followed their PASSION man...you can't put a price on dreams. <heavy sarcasm > Do you ever hear about people in math/accounting or finance having large debt? lol

 

I don't owe a dime thanks to Chapter 30 G.I. Bill.

 

I rolled my student loans (20K) into the refi of my home mortgage, sold the house at a profit and walked away from the whole mess. Maybe not an elegant solution, but it worked well enough for me.

 

My undergrad was paid for as I took the courses (with the help of a Pell Grant and some scholarships). I borrowed about $4K to complete my graduate degree and about $7K for my professional doctorate. Both student loans were paid off within 3 years. I then earned two non-USA research degrees (MTh & PhD), both of which I paid for as the programs were completed.

All degree programs are paid in full, and I feel blessed to be academically debt free.

 

BA-Social Science-Thomas Edison State College- Paid For
MA-History-North Carolina Central University-Paid For
MLS-Library Science-North Carolina Central University-Paid For
PhD-(ongoing)-History-University of South Africa-Paying For
BA-History-North Carolina Wesleyan College-STILL PAYING FOR. Yep, 20 years later...I think I owe 20 something thousand. Sigh.

 

20 years later, and still owe $20,000.00? Wow, you're brave.

 

I had to defer so many times due to the fact that I was STILL working at Avis ( I do and did love the place) Rent a Car for 10 years. Paid my way through undergraduate and graduate school. The original loan was 15K. See? It jumped all the way to 40K.

 

Avis, this is way too cool. I used to work for Avis as well, first as a shift manager in Miami, then as a Learning & development consultant based out of Orlando. I had the opportunity to facilitate many rental agent and manager training meetings, met some cool people along the way.:headbang:

 

Avis was cool. I was a lead service agent for awhile. I was there when it was an ESOP, which was even better.

 

$200K is pretty common these days, with so many schools over $50K a year.

My grandson was accepted last year by his top three choices, Stanford, Cal, and Reed, each at about $50K a year (thus $200K in debt). His backup choice, U of Oregon, offered him 4 years totally free: tuition, room, and board. An Oregon degree and no debt or a Stanford degree and $200K debt? It took him about 12 seconds to make the rational choice. Go Ducks.

 

BA - 100% scholarship for tuition. Paid for books and fees by working PT emptying the trash at a construction company within walking distance of campus.
MA* - No scholarship. Paid for tuition, books and fees by delivering pizza from 4pm - 2am three nights a week.
PhD** - No scholarship. Paid for tuition, books and fees by facilitating online classes.

Student Loans: $0.00

It is of note that I got married 5 days after graduating from college. We had our first child in year 2 (of 3) of my MA program. By the end of PhD, we had 5 children. My wife has NEVER brought in any income. She is/was a stay-at-home wife and mother.

 

Did you have any bills, like a mortgage payment or monthly rent? What was your secret?

 

In college I drove an 11 year old Nissan (paid $1000 cash). I lived at home and sublet half my bedroom (no joke) for $100 a month ($50 for me, $50 for my parents).

During my MA, we rented a 3/1 house within walking distance to campus (for $550 a month). I drove an 8 year old Toyota Corolla that I bought (for $1000 cash) from a salvage yard (and I still drive it today).

During my PhD, we bought a 3/1 house with a basement office (and homeschool room). We put down $25k when we bought and we pay $850 a month for the mortgage). We bought a 4 year old 11 passenger van (for $9000 cash).

My wife makes everything (food, clothes, etc). We shop at Goodwill for the rest. We homeschool (our 3 oldest). We ask family not to give us (my wife and I) gifts but gift cards to restaurants - we never pay for eating out. We have a budget and we always have.

Aside from our mortgage, we've never owed anybody for anything. We live different than most. But I'll be a debt-free doctor at 34. If we stay in this house (and we won't), I'd pay it off in 10 years.

 

You have way too much common sense!:notworthy:

 

Some of this goes back to the other thread's ideas about "stop pretending your alma mater matters".

It is rapidly becoming less practical for students to attend highly expensive, prestigiously named B&M institutions. They will always be around, but they will become more trust-fund babysitters and intellectual playgrounds.

The hiring world is becoming more oriented toward "What can you do for me now?" than "What did you read in college four years ago?"