How much will or are you paying a month for your student...

How much will or are you paying a month for your student loan?

I calculated it today and if everything stayed the same (unlikely) I will be paying $104 a month for 10 years after my Bachelors.

That is like 100 exam vouchers

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royal

$220 for 7 years and $180 for another 13 years after.

BradleyHU

$450/month...and thats cuz i consolidated it...its was worse b4...

TechJunky

I am paying 380/mo for my wifes masters. No kids here.

Talic

Wow, I'm glad my father is helping out even though I'll need to work part-time.

I hope they do something about cranking up the prices on tuition just because people get student loans. I sure don't want to pay that much a month if I do decide to get a loan one day.

mikej412

$0 for 0 months.

I had a full scholarship and books plus a stipend. Plus I had a couple other small scholarships that paid me cash. Toss in a couple of jobs on campus (that found me) and I made money going to College

the_Grinch

I got you all beat....

$1400/month for 15 years once I finish up. That's what you get when you go to a nice expensive school that gave you one scholarship for the first year and parents who had nothing for you...

mamono

If everything stayed the same, I would be paying $100/month for my degree, but that's not what I'm paying. There's that wonderfully wacky thing called interest...

Arvean

$0 here.
I work fulltime while getting thru Bachelors. I'm planning to take a loan for my MBA though...

Andretii

the_Grinch wrote:

I got you all beat....

$1400/month for 15 years once I finish up. That's what you get when you go to a nice expensive school that gave you one scholarship for the first year and parents who had nothing for you...

What school is that so we can all stay away from it!

BeaverC32

$182/month for about another 8 years....very manageable and well worth it.

$1400/month is ridiculous...I hope you land a great paying job once you graduate!

the_Grinch

Drexel University...

Seems to me the problem with the education system is this, if you are a B student that isn't amazing in school you get nothing. Amazing at a sport or instrument? Free ride. Amazing grade, basically a genius? Free ride. Normal everyday person? Pay yourself. I know their are a lot of young people on this site so I'll give you some free advice. Go to community college for two years and get your associates. Why? Because your going to chance you major either way (why I suggest general studies because the maths and sciences will transfer) and it is a lot cheaper. After that you can go to the big expensive school and pay a hell of a lot less.

My parents made too much to get any aid besides some low interest federal loans. At the same time they could only pay for books. Wanted to go to a good school (as I was told I should) and this is where I am today. I've had some good offers so far, so I will be able to pay the loans plus more on top of everything else one would be expected to pay.

loxleynew

the_Grinch wrote:

I got you all beat....

$1400/month for 15 years once I finish up. That's what you get when you go to a nice expensive school that gave you one scholarship for the first year and parents who had nothing for you...

wth degree did you get?

I'm doing $300 p/m for like 20 years lol. I'll step it up soon and do something like 400 for 14.

dynamik

the_Grinch wrote:

Go to community college for two years and get your associates.

That's fine advice if it works with the program you're going into. My friend had an associates and went into civil engineering, and only a handful of his classes transferred. A bunch of us went to college our last two years of high school and the state paid for it, so he fortunately didn't lose any time or money. That program is called PSEO here in MN. I'm not sure if other states have something similar or not. It's definitely worth looking into if you're a high schooler.

To answer the original question, I'd get the wife and I are about $500-600 between us. For those of you that consolidated your loans, where/how did you go about that? Every place I looked at had a higher interest rate than I am currently paying.

GT-Rob

Man the US sucks! :P jk

But your school costs are insane. We don't have nearly as many scholarships here (especially for sports), but the government pays for about 75% of our school.

My only year I went to college cost me around $2500 total, which was paid off shortly after (used a LoC for it)

Andretii

I'm paying like $150/m 10year loan and them my mother signed one for me on her name and she pays $120. So its about $270.

the_Grinch

NJ now has a program that allows you to attend community college for free for the first two years and they give you I believe $4000 a year for the last two years if you attend a state school. Of course when I was in high school I missed it by 2 or 3 points. Thus is life I guess. Dynamik is right that not all the credits will definitely transfer, but I have seen that most schools require the same things of their students. Sciences, maths, pysch course, etc. But of course if you know for sure what you want get an associates and then go for the BS/BA in the same field.

I will have a BS in Computing and Security Technology.

famosbrown

I pay about $250 a month with a minimum payment of 150 per month required. This is for my undergraduate degree. I had both academic and athletic scholarships and stuff, but each year I would max out the Federal Stafford subsidized and unsubsidized amounts to make up for the amount my scholarships didn't cover and extra money. I had that extra money and the money from G.I. Bill, oh and Tuition Assistance from military...I was in the money so I thought

.

Job is paying for 100% of MBA.

empc4000xl

GI bill is paying what I owe

majkowskid

^^^ i'm with you brother! best investment i ever made. military got me my job once i fulfilled my contract, and i'm making good money, and they're paying out the butt for my school!

JDMurray

If I can find a second, part-time job next year, I'll be throwing $1000/mo into my Sallie Mae to pay it off early.

BradleyHU

JDMurray wrote:

If I can find a second, part-time job next year, I'll be throwing $1000/mo into my Sallie Mae to pay it off early.

sallie mae is some crooks yo!!! they only started offering consolidation on loans last year or the year b4...b4 then, you was just SOL. my payments were crazy, like 700+...i usually paid more than that just so i could get some of my principal to decrease...

JDMurray

BradleyHU wrote:

JDMurray wrote:

If I can find a second, part-time job next year, I'll be throwing $1000/mo into my Sallie Mae to pay it off early.

sallie mae is some crooks yo!!! they only started offering consolidation on loans last year or the year b4...b4 then, you was just SOL. my payments were crazy, like 700+...i usually paid more than that just so i could get some of my principal to decrease...

Oh yeah. I was quite surprised to see what my minimum monthly payment was to be. They offer programs to lower your monthly, but doing do will raise what you owe by another $15-25K. It's best just to pick up a part-time job (for five years or so) and pay the loan off early. I won't be going the Sallie Mae route again. It's easy financing, but you'd better have a great job within six months of completing school to start paying for it or you will end up owning so much more than your degree originally cost.

RacingSnail

BradleyHU wrote:

sallie mae is some crooks yo!!! they only started offering consolidation on loans last year or the year b4...b4 then, you was just SOL. my payments were crazy, like 700+...i usually paid more than that just so i could get some of my principal to decrease...

Eh? I got a consolidation loan in 2004. You just can't consolidate until you graduate or drop out, generally speaking.

BradleyHU

RacingSnail wrote:

BradleyHU wrote:

sallie mae is some crooks yo!!! they only started offering consolidation on loans last year or the year b4...b4 then, you was just SOL. my payments were crazy, like 700+...i usually paid more than that just so i could get some of my principal to decrease...

Eh? I got a consolidation loan in 2004. You just can't consolidate until you graduate or drop out, generally speaking.

i graduated in 2004 also, and i asked them about consolidation right after...at that time, they said they didnt do that...i kid you not....

man, all i know is, i cant wait to start grad school next semester, cuz i'm puttin my loans back into deferment...so my interest wont go up, and i'll be payin off some of the principle in the meantime while i'm in school...

amp2030

mikej412 wrote:

$0 for 0 months.

I had a full scholarship and books plus a stipend. Plus I had a couple other small scholarships that paid me cash. Toss in a couple of jobs on campus (that found me) and I made money going to College

ditto

Scholarships rock

RacingSnail

BradleyHU wrote:

i graduated in 2004 also, and i asked them about consolidation right after...at that time, they said they didnt do that...i kid you not....

man, all i know is, i cant wait to start grad school next semester, cuz i'm puttin my loans back into deferment...so my interest wont go up, and i'll be payin off some of the principle in the meantime while i'm in school...

That's bizarre. I was getting oodles of Sallie Mae spam pushing me to do it ASAP. I guess you got an idiot CSR or your loans weren't administered by Sallie Mae...yet? That sucks.

Good luck with grad school.

famosbrown

My loans were eventually sold to Sallie Mae and they kept it until I finally consolidated with another agency during the Summer while I was taking my last class to officially graduate.

supertechCETma

I plan on taking my loan to the grave with me. :P
I want my last check to bounce.

CaptainCharisma

I'm paying about $240 a month spread across 3 different loans, one of the loans increases in 2 years I think, and my loan payments continue for another 8 years.

Also for those who are in college or have not attended yet, if your consolidate loans to lower the interest rate, you will more than likely lose any grace period the loan company was going to give you. For me when I graduated 1 of my loans had a six month grace period after graduation where I wouldn't have to pay anything, but I consolidated the loan to lower the interest rate, and I lost the grace period once I did this, so I had to start paying back immeadiately. Catch 22.

nel

I tell you what...i am SOOOOO glad i went to (and still go to) university part time. By the time i finish my Bsc Hons (one below masters) i will have ZERO debt from any of my tuition fee's. Dont get me wrong ive been paying them like others but i havent really noticed it as ive had to pay it straight up and thats come from my FT job. Ok its took longer than it would full time to do but worth it whilst i get experiance in the job also.

Tuition fee's are stupidly high around the world and are not justified imo.

I dont know what its like in other countries but the UK seems to force you into going full time and paying these high fee's. There's some PT courses but they dont seem to have a broad range, are hard to gain access to or most uni's dont have PT (evening classes) at all. I go to uni no and its during the day when i should be working. thankfully i can work those hours back.

Its time the government and education systems adapted to the real world as a degree is no longer a guaranteed "golden ticket" it used to be. Open up the system and allow students to go PT whilst working FT in there chosen line is the way forward imo. i go to uni with some smart folk but they'll get a shock in the real world.