I graduated from my undergrad. school with $40,985.99 in debt (private liberal arts). I'm currently working on my master's degree in library science and estimate that, when all is said and done, I'll owe back $26,325.00 for said degree. My husband, on the other hand, owes around $37,649.61 for his undergrad. degree, making our combined total a whopping $104,960.60! We're currently paying back all of the undergrad loans even though I'm in grad. school and only working very part-time (monthly combined payments are currently $974.13). We pay this money back comfortably, however, and only have around $2,000-something worth of credit card debt on top of typical monthly expenses and car payments, etc. My husband is fortunate enough to make around $93,000 a year, while I'm unsure of what my earning prospects will be at a library, but hopefully I'll be in the $35,000 - $40,000 (?) range after a few years in the field.
Is this debt too much to our income? Are these figures normal for two?
2007-11-26 02:52:39 · 5 answers · asked by Annie 1 in Business & Finance ➔ Personal Finance
Obviously his degree was worth it. To have an annual salary of $93000 and only have $37650 for loans to get it was a good deal. Factor in his potential and his education was 'worth it'.
Yours is more questionable (sorry, it's true). The library science is probably ok, although a little pricey to get a $35000-$40000 job on $26325 in debt. The worst value was the private college liberal arts degree that cost you over $40,000 in debt. You could have had a similar education at a much less costly university.
Your debt is not too much for your income, but you really need to do something about the payment before you look into a house purchase because it will impact how much house you can afford.
The debt level is pretty high, but unfortunately it isn't too uncommon!
good luck!
2007-11-26 03:50:53 · answer #1 · answered by Rush is a band 7 · 2⤊ 0⤋
Seems like a ton of debt to me and you won't be making that much money to pay it back when you're finished with yours. I made that much money and I don't have a masters degree.
As far as I know from my librarian friends it's not easy to get a job at the library, even part time, because they're good jobs and people don't leave. So it's not even guaranteed that you'll get a job in your field.
Perhaps you should postpone finishing your masters for a while or do it by night classes so you can pay off some of your other bills first.
2007-11-26 12:05:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It can be totally worth it to get the degree. If you are going to be a school librarian talk to the school about the opportunities for loan forgiveness. Check into getting a job now in a public library and request funding for classes to complete the degree, there are federal monies for public library degrees.
There are many opportunities for library jobs. At this time many librarians are getting ready to retire. Many states have severe shortages in school librarians. There are also positions with private companies and universities.
2007-11-27 23:04:46 · answer #3 · answered by Paula The Librarian 3 · 0⤊ 0⤋
in this day and age you guys are really in great shape -- just keep you cc debt down and keep your bills in check -- only thing i would suggest is get started on a rainy day fund which should be at least 6 months of living expenses!!!
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