T Nation

Student Loans


Just sat down to figure out all the loan crap for school as I will be going to college this fall and started to freak out a bit. I will be attending a private school on a 50% football scholly, but even with that, thanks to my parents being in the upper income brackets and me not qualifying for any grants, I will be graduating with around sixty grand in student loans. I already knew this in the back of my head but the sh!t hit the fan today when I saw the numbers on paper.

I will be a business major and know I'm gonna kick some major ass in school, and kick some more ass when I graduate, but its still a bit scary graduating with that amount. My question is for those who had the same major, what did you make the first year you graduated? any body else graduate with this amount of dept? Did any of y'all play ball, go to school and work at the same time?
Input would be much appreciated


oh lord..gotta love student loans. i will be paying a big chunk until i'm 40...thirteen years!! $200 a month. BASTARDS!

but when you think about it, its preferable to a car loan, sounds cheesy but you're investing in yourself, so go for it. but it is ridiculous. and very very expensive to get educated.


Mine is only 10k thanks to transfering from a community college.


You seem confident- so why doubt your self when it comes to 60K? You are investing that money in your future earning potential.



My friends wife has 45k (a year after graduating) from medical school for b.a.

This is the same as EVERY other loan, just usually low intrest rate. Everyone who has any debt or wants a house or car or anything that requires a loan, do yourself a favor and go here http://www.aier.org/research/worksheets-and-tools/loan-interest-calculator . Anyone who takes the entire time allowed to pay the loan is retarded, you fuck yourself SO hard in the long run, the money you piss away in just intrest is huge. Every extra year added only makes the payments go down a little bit and makes the total paid go up a ton. Everyone with student loans oughta do themselves a favor their first year out, buy the minimums of everything you can to survive, just like you did in college, and just pay that debt down in your first 1-2 years. People with families its a lot harder though.


Sounds like you are going to Trinity. Be thankful for the 50% scholarship and that you have parents in a good tax bracket. Imagine the same situation with working class parents.

I worked and played football in college, luckily not at the same time always. It is a grind baby! Just have to find a way to juggle.

What doesn't kill you make you stronger. What school are you going to? GL


You are looking at a $400-500/month payment when you get out. I had over $60k in loans when I graduated from Case, and I had a 3/4 academic scholarship. Hope playing college ball is worth the money, because that's pretty much all you're getting over and above what you'd get at a state school.

Tell your upper income bracket parents to step the fuck up and pay at least half of the balance after your scholarship. That's their job.


Damn right it is. Fucking bullshit that because your parents are well off that means your fucked especially if they don't want to help support you.


No it isn't their job. Parents paying for school is why there are so many kids wasting their time in school "finding" themselves.

To the OP 60k isn't too bad, you can pay that down in 2 years, I just paid my loan off, it was in the low 40s and I did it in 8 months and I don't have no big paying job either. But I had saved through school by working over the summers and living cheaply and managed to save 20k or so to put on it, that was a huge help. The best thing you can do it when you finish is to keep living like a student and put everything you make to the loan, you will pay it off quickly and be 10x further ahead then dragging it out over several years.


My parents arent going to help out with school, thats the way they are. Ive payed for everything ive ever gotten, car, insurance, clothes etc. Im not bitchin just sucks that that I wont qualify for any grants aswell.


Steel Nation wrote:
You are looking at a $400-500/month payment when you get out. I had over $60k in loans when I graduated from Case, and I had a 3/4 academic scholarship. Hope playing college ball is worth the money, because that's pretty much all you're getting over and above what you'd get at a state school.

I had offers from some state schools, but after talking about it with alot of the people in my life (boss, coaches, parents etc) they all said go to the private school, spend the extra money, get the better education yada yada


60k isn't too shabby. just bust your ass, create a nice network and get a good position. i'm at about 50k in loans and the way i have things set up i pay like $200/mo (my set up is a bit different then most).


My wife and I both graduated (2 yrs ago) with a crapload of school debt... 120k total. We're now spending more each month on our school loans than our mortgage. In the long run it will definitely pay off, but it really sucks until it does.


yup 40k for me...and the economy isn't much help right now in terms of finding a job or getting a raise. the whole country is tight on money right now. i'm lucky i'm still alive in the automotive industry in Detroit.

but yes, hopefully one day...all that school and debt will be worth it.

plus the experience you get in college is great...i have buddies who never went away to school and are still in my hometown, doing some sort of trade and hate it and hang out at the same local bar every night.


I will have 45k after a bachelors and a masters.

60k sucks, but it's not terrible. I have a friend who just graduated this year with close to 90k from just undergrad.


The education is not so superior that it justifies the higher cost. I wouldn't let anyone tell me what to do in this situation (or listen to their advice) unless they were willing to chip in and help with the debt. You're the one that's going to write the checks every month when it's all said and done.

It's easy to say "spend the extra money" when you're not the one spending it.


just live at home for a year or two after school and pay it off, live like you have a highschool kids allowance


Read up on the Time Value of Money, specifically the Future Value of Current Annuities. It will give you idea of how much you need to save every year to have $60,000 when you graduate. Or, if you know your annual savings, you can see how long it will take to pay it off.


this is actually a good idea if you can.

my buddy did this for 2.5yrs after graduating (granted he has a good job) and he was able to buy a fucking house after that.


it's a hard bullet to bite, and feels like you are a loser, but ultimately it's very smart.

also. you are just out of school. stop buying stupid shit like new cars, starbucks every day, 120$ bar tabs, just because you think you are an adult now. you aren't. you start at the fucking bottom. in the real world you haven't earned shit so shut the fuck up and put your time in. happiness is not having constantly tiny little instant gratifications, it comes from short term sacrifice for long term benefits. live spartan.