Archived Should I Feel Good?

[coolsocks]

You're planning on having an additional ~$27,000 of income/year to pay off your debt? Hopefully that will work out for you.
Student loan debt has been a huge issue for a lot of my friends who graduated around the same time as me. I've noticed that there are many companies now that offer savings programs similar to a 401k where a portion of your earnings goes into an education fund. That is definitely the way to go if it's feasible with a person's budget.

 

[naterstx]

You're planning on having an additional ~$27,000 of income/year to pay off your debt? Hopefully that will work out for you.
Student loan debt has been a huge issue for a lot of my friends who graduated around the same time as me. I've noticed that there are many companies now that offer savings programs similar to a 401k where a portion of your earnings goes into an education fund. That is definitely the way to go if it's feasible with a person's budget.

27k a year? Huh? Where in the world do you get that number. If you assume the average person works for 40 years, that means you're saying a degree costs in excess of one million dollars. I paid about 65k for my degree (mostly through loans), over 40 years it will have to net me about an extra 2k a year to be worthwhile... it's already made me at least 10k in one year at spot, so pretty safe to say it's paying for itself.

 

[coolsocks]

27k a year? Huh? Where in the world do you get that number. If you assume the average person works for 40 years, that means you're saying a degree costs in excess of one million dollars. I paid about 65k for my degree (mostly through loans), over 40 years it will have to net me about an extra 2k a year to be worthwhile... it's already made me at least 10k in one year at spot, so pretty safe to say it's paying for itself.

In your post you wrote that your degree cost you $80,000 and you could pay off your debt in about 3 years, which comes to around $26,500 a year.

I also wasn't trying to sound snobbish, I know how hard it is to work through college and still have a loan to pay back.

 

[TargetIng]

You're planning on having an additional ~$27,000 of income/year to pay off your debt? Hopefully that will work out for you.
Student loan debt has been a huge issue for a lot of my friends who graduated around the same time as me. I've noticed that there are many companies now that offer savings programs similar to a 401k where a portion of your earnings goes into an education fund. That is definitely the way to go if it's feasible with a person's budget.

I don't have any debt, I paid for my degree out of my savings. But yes, I have already accepted a job offer paying more than 27,000 a year over what I was making.

 

[DotWarner]

In your post you wrote that your degree cost you $80,000 and you could pay off your debt in about 3 years, which comes to around $26,500 a year.

I also wasn't trying to sound snobbish, I know how hard it is to work through college and still have a loan to pay back.

It is not necessary to pay a student loan back in three years unless your loan company is giving you some very unfavorable terms. My loans were figured on a 20 year repayment plan, which made it very affordable. I got lucky because my dad paid them off for me but the payments were about $250 a month at most.
Granted, the sooner you pay them off, the sooner you have that money for other things. The student loan interest deduction on my taxes was nice, though. It kept me from owing a few times when I didn't have enough withheld.