Laura asked, regarding my student loans, “maybe I missed it in the beginning but I’m not sure if you’ve ever said how much those amount to? And after the credit card debt is gone will that be documented here or what are your plans for how to tackle those?”
You did not miss it. I have never said what my student loans amount to. I wrote a post with the number at the beginning of the year. It was the first time I’d faced it, though my estimate was pretty close, but then I decided not to post it, because I wanted to focus on my credit card debt and that just seemed like this whole other huge thing.
I think it’s time to say the number. This is my last year of coursework, so it’s my last year borrowing money. The total at the end of this year will be about $125,000. That’s also the grand total; my fees after that will be a few thousand a year and I will pay that out of pocket. I already pay all of my living expenses out of pocket. So, that’s not the total when I graduate, but the total about 2-3 years before I graduate.
I know that number is ridiculous. It probably doesn’t seem as ridiculous to me as it should, since everyone I know is also in massive student loan debt, some of them as much as double what I have. Many of them will also be making more than me, of course. It is overwhelming to think about, but I know now that I won’t be in student loan debt forever.
I once planned to turn straight to my student loans once I was out of credit card debt, but I’ve long since changed my mind. My plan right now:
1. Get out of credit card debt by the end of 2010.
2. Spend all of 2011 still working like crazy to save as much money as possible (and also possibly replace my car).
3. Start working less and also start paying on my student loans.
So, I’ll start paying on my student loans a couple years before I will actually be required to. That will give me a head start.
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I like where your mind is right now about your student loans. Thinking positive about paying them all off will actually get you debt-free sooner! That’s one negative thing about getting married….doubling the debt!! Our student loans total up to around $28,000. We already started paying last year and we’re hoping to put more money towards the student loans once we finish paying off our credit cards.
Your blog is inspiring!! As of this morning…we recently paid off one of our credit cards. Now onto the next credit card (in order of the highest interest)!
My student loans are a big huge cloud looming over me as well. However, what can you do? Can you really put a price tag on your education? If you think the loans are justified (and I believe you do) then it’s worth it in the end (at least that’s what I tell myself!)
Literally, my jaw just dropped. I mean, I have student loans and anyone who has them knows that they just plain suck. Nowadays it’s like they are a right of passage. However, I don’t think I’ll be complaining much anytime soon. What is your Masters in?
p.s. I have SO MUCH respect for you. You’re working hard and it’s paying off (ha ha ha no pun intended). Your plan sounds good and I know that everything will work out because you are a smart, capable, determined woman!
Dude. I feel you on the student debt. It’s just such a RIDICULOUS amount of money to accrue in 4 years…or sometimes less. Whenever I think about my student loans I get stabby.
But, when we both the house and our finances were being cross examined, our loan lady told us that we were in GREAT shape because apparently student loans are called “good debt”???
I can’t figure out how ANY debt is “good debt”, but we got approved for a home loan…
My stomach just dropped when I saw your school debt. I know I was lucky when I left college w/ $15K in 2006 (plus $5K car loan). I have $3.5K left in student loans w/ the car loan already paid off.
Major props to you Ashley. For paying off you debt and also for working towards a PH.D.
Thankfully I didn’t have any SLs, but my husband did… He came out with about $38,000 I think. It sucks to have to make that payment each month but at least it’s “good debt.” I think you have a really solid plan! Well done!
Oh wow. My jaw dropped a little too— but then again, you have a Masters and (soon) a Ph.D. Neither of those things are cheap. My loans are around $52k and I ‘only’ have a degree and an engineering diploma. That said- I think your doing fantastic. And just so you know, I am a new, if dedicated reader (and lurker, apparently). I check both your blogs everyday
As much as not having my student loans sucks, due to school conflicts, it has been a blessing not to accrue more student debt on top of my other debt. I have about $5,000 that I’ll have due when I graduate and that’s awesome for me.
I totally gasped when I saw your number. It’s just insane how much college costs!
Thanks for answering! I think school is a worthy reason for going into debt and you’ve done amazing at taking on both school and the debt. I think that’s a really good plan and good luck with it!
And here I am complaining about tacking on another $18,000 to my current $45,000. Sheesh.
On the up side, when you graduate and consolidate and begin making payments, many plans work with you on a sliding scale so you’ll be paying off loans proportionate to your salary. I guess that’s an “up side,” though not having the loans at all would be better…
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