(((SERIOUS Answers only please)))How much were your student loans and how long did you have to pay them off?

Answer 1

Depending on how much you borrowed will determine the repayment period. I owe 8000 and I have 10 years to pay it back. My ex husband owes about 60000 and has 25 years to repay. Check with your lender for specifics, also consolidate the loans with a good lender and your payments will be less. Student loan rates are on the rise so the sooner the better as far as savings on interest charges. May I recommend Citibank. I have been pleased with their service. My ex and I used to have Sallie Mae and they were forever making mistakes on our account. We consolidated with a different lender and it has been a lot smoother since doing do. Good Luck.

Answer 2

I am journalist working on a story about that right now.

One of the problems with students loans is that it has become acceptable in our society to take any amount out for school. Because? It's for school and a degree is a prized item.

So many students are running their debt past where it should be. Students need to be realistic and consider the fact that if they are going to be a school teacher and start out making $25,000 a year, then they will not be able to make the payments on a $75,000 loan.

One of the worth things that happened was when the Federal Government fixed the loan rate to 6.8%?? in June. It went up from somewhere in three percent range.

(By the way, I have $40,000 in school loans, and I don't intend to pay them earlier. I consolidated them, so essentially I pay less interest on the loan that I would make in a simple savings account. It is in my best interest to only make payments when payment are due.)

Answer 3

I've got about $40,000 in debt. I just consolidated, so it will be 25 yrs before they are paid off. My payments are about $280/month - would have been $400. Your school may have tools on the financial aid portion of their website that will help you figure out how much your payments will be - mine did. I also had options for lenders that didn't charge fees, which of course I used.

I would also recommend that everybody sign up for Upromise, whether you're in school or you've already graduated. Its free, you shop the way you always do, and money accumulates in your account. I've gotten about $150 over the past couple of years - not a lot, but money that I would not have had otherwise. If you are saving for your kids, you can tranfer the money to a 529 account. I can request a check periodically or have them apply the money to my student loans. (which is why I'm mentioning it in this conversation)

Answer 4

I was wondering about the exact same thing, some of your responses have helped with my own question.

I personally am going to school to become a teacher, which is why I was worried about the loan situation. My estimated amount that I will owe after 4 years is about $40,000. That makes my stomach go in knots, but, I've compared my estimation with my friends, family members, etc. and found that most of them that had to pay for school all on their own (as I have to do) were about the same amount, if not higher.

I'm not as worried because as a teacher usually the university tries to help you out in setting up a job, at least OU does.

Hopefully this helped!

Answer 5

I had about 95k in student loans between undergrad and law school, and i have 30 years to pay them off. i consolidated, which reduced by monthly payments by at least 50%. You should really consolidate. My monthly payments are currently $550.

Answer 6

You're asking the wrong question. Asking others how much their student loans were and how long it took them to pay them back won't help you get any closer to the question you really want to know which is: How much will YOU have to borrow, will YOU be able to pay it off, and how long will it take.

The answers to the above questions are going to depend, of course, on which college you attend, the financial aid package they offer, the type of student loan you take (there are different kinds with different repayment schedules and different interest rates) and, ultimately, what type of job and career you have after college. People in a higher paying career are going to be able to pay their loans back faster and with less strain then those in lower paying careers.

So, here are some useful tools to help you plan ahead when you are looking at the financial aid offers from colleges.

Start by learning about the types of student loans available, their repayment schedules, and their interest rates. A good place to begin is the US Department of Education's student financial aid portal: http://studentaid.ed.gov There you can find out about all of the Federal forms of loans, and whether you will be eligible for any.

A good source of information about all types of student loans, not just government loans is FinAid. http://www.finaid.org/loans

Next, you want to see how different possibilities might affect you. If you already have a list of colleges that you plan to apply to, ask their admissions office or financial aid office these questions: What is the average debt that students at your school typically graduate with? What percentage of students at your school graduate with student loans? What types of student loans do most students receive? What other sources of financial aid do you offer?

Now, you're ready to sit down and play with some possibilities. Here are two good tools to help you figure out whether the amount of student loans you may be offered are realistic and do-able.

The student loan wizard lets you see how much your monthly loan payments will be depending on different variables such as the repayment schedule and interest rate. It will also let you see how much money you will need to earn in order to afford the monthly payments - useful information to know as you're figuring out how much you can realistically handle after you graduate.
http://www.mapping-your-future.org/apps/debtwizard/

The SLOPE calculator takes things a step farther. It lets you compare how the average starting salaries of different careers relate to different amounts of student loans. In other words, if you become a teacher, will you be able to carry student loans of $20,000? How about if you become a doctor? The link for it is:
http://www.csumentor.edu/FinAid/SLOPE. You may also want to do some additional research into careers that interest you to see what the average starting salaries for those jobs might be.

How much debt is too much? That depends, again, on you and your goals. Some people might feel $50 a month is too much. Others might feel $600 a month is managable. I personally believe that some student debt is not a bad thing, as long as you have made an informed decision about how much to take on. (By the way, way back when I graduated with $12,000 in student loans. My first job paid $5500 a year. I paid off my loans in ten years) A good, although lengthy look at the question of how much debt is too much for students can be found here: http://www.collegeboard.com/research/pdf/06-0869.DebtPpr060420.pdf

Finally, here are some broad facts: Last year, according to the College Board, the average total student debt of graduating seniors in the U.S. was $19,300. The average monthly repayment was $182. The average annual cost of attending a public college/university was $12,796 a year. The average to attend a private was $30,367. Obviously, there are some publics that cost more and some privates that cost less, and some people borrow more, some borrow less. There are also some colleges that strive to keep loans to a minimum while others give mainly loans in their financial aid packages. So, as you plan for college, read through all of the above information, work the calculators, consider your plans and what you feel comfortable with. But, most importantly, do the RIGHT kind of research. What others have borrowed will not be the same as what YOU may borrow, so make an informed decision based on the right information.

Finally, I have many links to additional resources on student loans and financial aid on the blog I write about colleges and college admissions. You can find the link below. The more willing you are to research upfront, the better your chances of keeping your student loans to a managable level.
Carolyn Lawrence, www.AdmissionsAdvice.com

Answer 7

I'm in college now FAMU and do not have any student loans. I saved my money working in HS and keep a good job now to make it. No scolarship just hard work. I am lucky casue I have friends who have debt and haven't even grad. yet.

Answer 8

Starry Eyes : that depends of which university is yourself attends
every semester or how well of an income bracket does each family hold today? see http://www.campusofsoutherncalifornia/regstrationfees.com