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How Long Did it Take You to Pay Off Your Student Loans?

TheDev said:
how did you finance college?
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he hasn't actually gone to college, he just talks about it like he does.

To add value, didn't have any college loans but took on about 10k worth of credit card debt my last two years of school when I was working less.

Oh, out of school for just over 6 months, I've got about half paid down since I bought a new car when I got a job.
 
I have good parents. My wife and I intend to be good parents too. They will learn responsibility in other ways like I have. My belief is that you don't start a good life by being in debt for years. We will do what we can to help them as long as they are not freeloading lazy bums.
 
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Well this explains alot about the forum. I'd be pretty good off too if my parents fronted $120k for college or so 😛
 
It took me 2 years, but I put close to 80% of what I made toward it, while living at home and driving a shitty paid-for car. It sucked while I was going through it since it seemed that i never had money in that period, but in retrospect, it was a wise decision since I was able to buy my first house a year after that. It helped that my Dad didn't charge me rent or make me chip in for food or utilities either, so I guess I was pretty lucky in that sense.
 
Parents covered the bulk of it, so the remainder took a few years of a pretty low monthly payment. That's not a luxury a lot of kids have these days. With the student loan bubble so large right now contemporary college grads really have a tough time ahead of them.

Although the average college grad has $25k in debt now (not a tiny sum at all), it's those with $50k or more and not particularly good prospects who are going to be truly hurting for many years.
 
OverVolt said:
Well this explains alot about the forum. I'd be pretty good off too if my parents fronted $120k for college or so 😛
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Pretty much the same idea about moving out the minute you turn 18... You're setting yourself up for financial hardship but that's on purpose.some kids care more about freedom.

BTW it wasn't always 120k.
 
In 2012 dollars, I had $28k in student loans at peak. I started paying them off while still in school, two years while in school and then three years after finishing school.
 
About the time it took me to write a check with money I already had saved up from working during summer between high school years. 😉
 
Red Squirrel said:
About the time it took me to write a check with money I already had saved up from working during summer between high school years. 😉
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Roughly what percentage of your college costs were covered by the taxpayers? In most US states, the legislatures have gutted taxpayer support for public universities pushing the costs onto the students. When I went to school back in the 80s and early 90s I got a much better deal than today's students with the taxpayers kicking in about double the percentage of the costs as they do today. Add to that the explosion in costs due to money grubbing by the universities and today's students in the US are getting shafted relative to the deal previous generations (like mine) got. The baby boomers got an even better deal than I did.
 
Still working on it, got a bit over 15k and technically a few more thousands on cc's which are the ones I'm working on first due to interest. Pretty much going to take me getting another job with better salary to put a big dent in it though, so hopefully in a few years.
 
IronWing said:
Roughly what percentage of your college costs were covered by the taxpayers? In most US states, the legislatures have gutted taxpayer support for public universities pushing the costs onto the students. When I went to school back in the 80s and early 90s I got a much better deal than today's students with the taxpayers kicking in about double the percentage of the costs as they do today. Add to that the explosion in costs due to money grubbing by the universities and today's students in the US are getting shafted relative to the deal previous generations (like mine) got. The baby boomers got an even better deal than I did.
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Not sure if tax money is involved at college level, maybe it is and I never realized it.

Basically I went to community college, tuition was around 2-3k per year and books were maybe 1-2k the first year then a few hundred bucks the others. My parents helped too with a scholarship but could have have probably managed without it. I just did not see the point of blowing all my money on some super expensive college/university when a basic 3 year diploma can still get me a decent job. I'm now making 63k base, probably going to make over 70k this year. Pretty happy with that.
 
Mommy and daddy paid for everything. Looking back I wish they hadn't. I will do the same for my daughter.
 
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