How much *private* student loan debt do you have?

Are you as overwhelmed with *private* student loan debt as I am?

Will we ever be able to pay it off?

 

It looks like you'd benefit from working for non-profits or the state for 10 years and having your loans forgiven.

 

I went to a public school for undergrad. Although I was an out-of-state student, the University of Wyoming gave me in-state tuition rates for online classes, meaning I could afford to cash-flow each semester. I used CLEP and DSST exams to further cut costs (and to do things faster). When it came time to choose a business school, I was determined to earn a scholarship or tuition waiver. I prepped hard for the GMAT and did well. I applied to six different schools and got into three, with varying financial packages including two full rides with stipends. This gave me a lot of negotiating power when my then boss asked me to give up going to b-school full time to remain with my current company. I was able to ask for the company to pay for me to go to a reputable executive MBA program, which they agreed to do, with the condition that I agree to remain with them for two years after the program ended. I did so, and so I earned both degrees debt-free.

My wife, on the other hand, went out-of-state for undergrad, and to a private school for grad school, all funded by student loans (mix of private and federally-backed). We're paying down her loans to this day, but other than her student loans and our home(s - we're trying to sell our last one), we're debt free.

Student loan debt is an onerous thing - the market is rigged dramatically in favor of lenders, and the debt can't be discharged in bankruptcy. Combine that with the messages we feed students about going to the "best" schools, and you have a recipe for disaster. Ooo, I don't have any good advice for you, and hindsight is 20/20, but if I were in your shoes, what I'd do now is cut back on lifestyle, put my head down, and throw as much extra cash at that loan as you can. I don't know what you earn, or how you spend it right now, but if you aren't on a strict budget, you need to be, because the pressure you are under now is tremendous, and it won't subside until you get this monkey off your back.

Look up Dave Ramsey - I don't agree with everything he says, but his basic rules for managing money and debt are really, really good. Get on a written plan, and stick to it. It will take time, but you will knock down that debt, and it will happen faster than you think. You just have to control it, don't let it control you.

Best of luck!

 

I am eternally grateful for my father paying for my undergrad tuition at a private school. Without that, I don't think I would have attended. I would have just gone to one of the local state schools instead. For grad school, I am paying for it myself. However, even though it is private, the price is extremely reasonable ($1,950 per course), so I can pay for that with cash.

I saw an interesting video about student debt yesterday. I don't know how accurate the numbers were, but it was thought provoking. Are these numbers accurate?

[video=youtube;ESoKB67yuq8]http://www.youtube.com/watch?v=ESoKB67yuq8[/video]

 

Public Service Loan Forgiveness is only for federal loans, not for private loans.

 

Zero - my employer paid for 50% of my BS (the other 50% was tuition free in the UK) and 100% of my two masters degrees.

 

Zero.

I never had a student loan. I spent three years in the army and participated in the programs available then (VEAP and ACF). I also saved most of my paycheck. I worked part time while an undergrad as a security guard, on-campus lab assistant, etc. For graduate school I had a teaching assistantship that provided a small stipend and tuition waiver. Dad helped fill in the gaps.

I finished with an MS in chemistry, no debt, and no savings either. It worked for me.

 

No student loan debt a all. For my undergrad I received a combination of tuition waivers, scholarships, and grants to pay for my undergrad degree. My employer paid for my graduate certificates. The Army paid $18,000 (tuition assistance) towards my masters degree from Chatham, I paid a total of $3,000 out-of-pocket for this degree. The Post 9/11 GI Bill is paying for my Northwestern degree, again zero debt on my part.

To sum it all up, 1 BS degree + 3 graduate certificates + 2 masters degree = $7,000 or so total cost to me (this sum is including books and related expenses).

 

I have never had to get a student loan. All of my education has been paid for using a combination of employer tuition reimbursement, G.I. Bill, and out-of-pocket monies.

 

So far I have no student loan after a Bachelor and two Master degrees. In fact, I got paid for going to school, and I still have 15 months of Post 9/11 GI Bill to continue for Doctorate degree. If I cannot complete my degree in 15 months, then I have to take out from student loan or out of pocket.

 

Zero, paid by employer tuition reimbursement or cash.

 

Zero here as well....

 

Zero - Employer tuition assistance and the GI Bill have been well utilized.

 

Zero, I am firmly against debt.

 

Zero in loans.

Undergrad: full scholarship
Masters: delivered pizza 4 nights a week
Doctorate: online adjunct

Those 3 degrees totaled about $75k.

I recently attended a seminar where another attendee "bragged" (?!?) about having $90k in loans - and still had more than a year left to complete her MA.

My first thought was "I can't imagine." My second was "I'm glad I don't have to."

 

Zero in loans NOW

BA = Private school. Borrowed from the National Defense Student Loan program - deferred until after I graduated.(Paid off)
MS = Private school. paid for by Uncle Sam
ABD= For profit school. (washed out before dissertation)(private loan, paid off)
EdD = For profit school. (In progress) Self financed
PhD = Public School (In progress, in field study phase before official PhD program starts) Self financed,