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Debt.
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relatively little for me. probably about $900. ~$600 still owed to my brother (funded my final cut studio purchase a year or two ago) and ~$300 still left to my girlfriend for our trip to new zealand in '04.
about $130,000 in student loans and another $7000 in credit cards, which is getting a $3500 payment at the end of this week.
the student loan debt is enough to make me put off grad school for a couple of years while i make a big dent in the current loans. deferring the undergraduate loans for 2 more years while in grad school would put me over the edge since you have to pay interest on the original deferred interest. bastards.
the student loan debt is enough to make me put off grad school for a couple of years while i make a big dent in the current loans. deferring the undergraduate loans for 2 more years while in grad school would put me over the edge since you have to pay interest on the original deferred interest. bastards.
Wow, some student loans here are through the roof! How did you guys accumulate so much?
I'm a junior at private school, and so far, I've taken out about $18K in loans. I expect to owe roughly $30K-$32K by the time I graduate. I owe roughly $10K on my car, and financed $3k in medical devices. That's it, which doesn't sound so bad compared to some. Whew!
I'm a junior at private school, and so far, I've taken out about $18K in loans. I expect to owe roughly $30K-$32K by the time I graduate. I owe roughly $10K on my car, and financed $3k in medical devices. That's it, which doesn't sound so bad compared to some. Whew!
Wow, some student loans here are through the roof! How did you guys accumulate so much?
I'm a junior at private school, and so far, I've taken out about $18K in loans. I expect to owe roughly $30K-$32K by the time I graduate. I owe roughly $10K on my car, and financed $3k in medical devices. That's it, which doesn't sound so bad compared to some. Whew!
It all depends on how much you take out for student loans and how much your tuition is. Some people take out the maximum amount of student loans available to cover everything and rack up hundreds of thousands of dollars in loans. Others are more moderate and take out enough to cover tuition and maybe a few other things. Of course, tuition these days can be very pricey, too, depending on where you go.
Grad school tuition also tends to be higher than undergrad. The hubby's grad school definitely was--and that was with getting in-state tuition.
All I can say is that being LDS definitely has its perks if you go to BYU. It was around $1300/semester (less for spring/summer terms).
Lightweights.
Debt isn't necessarily a bad thing, as long as you know how to make it work for you.
With all my mortgages (investments) and student loans, my wife and I are knocking on the door of $500,000.00 in debt. Well, more like $470,000.00, but after we buy another house this summer we'll be lookin at close to $700,000.00.
EDIT: I think I should add that three of my properties are rentals that are paying for themselves. It's so nice to have someone else pay your mortgage for you!
Debt isn't necessarily a bad thing, as long as you know how to make it work for you.
With all my mortgages (investments) and student loans, my wife and I are knocking on the door of $500,000.00 in debt. Well, more like $470,000.00, but after we buy another house this summer we'll be lookin at close to $700,000.00.
EDIT: I think I should add that three of my properties are rentals that are paying for themselves. It's so nice to have someone else pay your mortgage for you!
Got a mortgage, and a credit card, but my car will be paid off in 2 months and the credit card will be managed here in the next year or so. So, no crippling debt, unlike many of my fellow Americans.
I did it by not having a family, and putting as much as I could for a down payment on the house, and then buying pretty much nothing for five years. (I never had any student loans because I never saw the point in spending lots of money on a degree, so I just went to the state college.) However, it was worth it, because now my expenses are extremely minimal, so I have a lot more options...not to mention the relief of not having any debt hanging over my head. I was able to do things like buy the highest-end computer Apple made at the time without having to worry about going into debt to do it, even without a high-paying job. Also, I've never bothered to get a credit card.
--Eric
$9,000 to the Canadian .gov for student loans, interest free till I graduate, used to be $11,000 but I guess they gave me $2000 without even telling me. Sweeeet.
$10,000 to Scotiabank for more student loans. Low interest since my parents hooked me up as an attachment to their line of credit.
Looking at some of you all made me feel a lot better about my situation. $19,000CAD isn't that bad. However, I am currently unemployed, so I am getting a bit frantic.
$10,000 to Scotiabank for more student loans. Low interest since my parents hooked me up as an attachment to their line of credit.
Looking at some of you all made me feel a lot better about my situation. $19,000CAD isn't that bad. However, I am currently unemployed, so I am getting a bit frantic.
My wife and I are about $120,000 in debt.
Good news is all of that debt has come out of professional, graduate degrees. And, finally, we're both finished. So ... the repaying has commenced. And we can repay comfortably, since we're both lucky enough to have "good jobs."
Life is beautiful, death to capitalism, etc.
Good news is all of that debt has come out of professional, graduate degrees. And, finally, we're both finished. So ... the repaying has commenced. And we can repay comfortably, since we're both lucky enough to have "good jobs."
Life is beautiful, death to capitalism, etc.
In my case, I rent a flat and essentially have a life-long lease on it unless I leave or skip rent. In the UK, they have housing managed by charities called housing associations; many of which are non-profit. It's a long story but I was lucky enough to get onto a waiting list and ended up with a nice little flat in Chelsea which costs me less than 15% of my monthly salary, leaving a lot of disposable income most of which I'm saving at the moment for some big plans in 2008.
I don't have children so no expense there. I don't own a car; almost pointless in Central London. Travel everywhere by tube, bus and taxi. Education was paid for many years ago by the New Zealand government and I even received a bursary. This was before the days of student loans.
The current Mac was put on a credit card and was paid off a couple of years ago. Small current debt is on another credit card and a little overdraft, most of which occurred over Xmas.
So essentially, not a strategy. Just extremely lucky to have low overheads in relation to my income.
I owe my parents a personal debt of gratitude for putting me on this planet (my Father says it's due to his charm, but my Mother credits the bottle of Baby Duck charged to room service).
I owe my wife everything for giving birth to my kids, and I owe my little girl everything her heart desires. I plan to give my son all the opportunity to achieve his dreams, and plan to pay them both every compliment earned.
This is going to cost me every penny i have, but it will leave me a rich man.
Oh, and $150K equity against the remaining $150K principal on my mortgage. So I break even.
I owe my wife everything for giving birth to my kids, and I owe my little girl everything her heart desires. I plan to give my son all the opportunity to achieve his dreams, and plan to pay them both every compliment earned.
This is going to cost me every penny i have, but it will leave me a rich man.
Oh, and $150K equity against the remaining $150K principal on my mortgage. So I break even.
I hope you received an MD or something else that might draw high compensation for that 124k!
I hope you received an MD or something else that might draw high compensation for that 124k!
If I had gone to some of the undergraduate programs that I had been accepted to, I would have had similar debt just for a BA or a BS.
That's what zero need based financial aid will do to you.
I owe about 4000 to the government down from 10k. Note: ALWAYS read the fine print of forms! I'll never take money from the government again!
I hope you received an MD or something else that might draw high compensation for that 124k!
It bought me a BS of Business Admin- Accounting which got me a job that allows me to afford to make the minimum monthly payments on the debt. Luckily the job I have will pay for an MSA or MBA too, so I guess the $124k got me a graduate level degree too, once I decide to put the work in for it.
Live with my parents rent free, and no utilities except internet.
$9,500 Credit Cards
$4,000 Bank of Mom
$1,500 Car Loan
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$15,000 Total Debt
I bought my car ($21K total loan, after tax+fees) just before the dot.com bubble burst, and was out of work for 14 months straight at one point. All of my debt to my Mom is from her helping me with bills when I was between temp jobs, and during that 14 month period.
Car will be paid off in-full next month (hallelujah!), then I'll be focusing more on the cards, and of course dear old Mum.
Also just opened an account with a stock broker to invest money for retirement.
<It's nice to have a regular job again>
$9,500 Credit Cards
$4,000 Bank of Mom
$1,500 Car Loan
----------
$15,000 Total Debt
I bought my car ($21K total loan, after tax+fees) just before the dot.com bubble burst, and was out of work for 14 months straight at one point. All of my debt to my Mom is from her helping me with bills when I was between temp jobs, and during that 14 month period.
Car will be paid off in-full next month (hallelujah!), then I'll be focusing more on the cards, and of course dear old Mum.
Also just opened an account with a stock broker to invest money for retirement.
<It's nice to have a regular job again>
If I had to pay for my undergrad (instead of my parents) I'd be over $225,000 in debt. But because they covered my undergrad private liberal arts college bill, I only have to pay for law school. Hence, I'm only about $100,000 in debt. Lovely.