Is this a good position to be in

Discussion in 'Community Discussion' started by nownot, Sep 28, 2008.

  1. nownot macrumors regular

    Feb 25, 2007
    i have ( or currently getting ):
    B.S. Computer Engineering~May 08
    M.S. Computer Engineering~May 10

    the bad:
    60k debt in student loans

    the bad has me worried because of the amount. thinking of filling bankruptcy right of of school ( only j/k ), or is it alright to be 1 years salary in dept. thanks for any input
  2. Gray-Wolf macrumors 68030


    Apr 19, 2008
    Pandora, Home Tree
    Keep in mind the debt, but make equal monthly payments and you can work it off in about 5 years without putting a big strain on the budget. Just look for the job that puts food on the table, and lets you make the payments.
  3. pseudobrit macrumors 68040


    Jul 23, 2002
    Jobs' Spare Liver Jar
    Student loans cannot be erased in bankruptcy. Control your spending, tend to your career, control your spending and control your spending and before you know it you'll be out from under it.
  4. WillJS macrumors 65816


    Jan 6, 2007
    Dave Ramsey.

    He's also on the radio.. I'm a high school sophomore and I listen to him every afternoon on the drive home.
  5. nadyne macrumors 6502a

    Jan 25, 2004
    Mountain View, CA USA
    You'll be fine. :)

    If you're an American student and have federal student loans, the repayment period is long, your interest rate is very low (and you might be able to lower it even further if you consolidate your loans after you've finished all of your degrees), and they have terms that are intended to help you repay them -- for example, if you're unemployed during your repayment period, you can push back your payments.

    $60k really isn't that bad, especially when you'll be repaying them over a period of 10 years or more. If you get a good job in the software industry, your salary will easily cover your student loan payments and your living expenses, with some extra money to save and to spend.

    Really, you'll be fine. You're getting degrees that have a lot of earning potential. I know people who end up with that kind of debt and are teachers. Nothing against teachers (they do a job that I could never ever do), but their starting salaries tend to be a lot lower than the starting salaries for computer people. They're able to pay off their loans, and you'll be able to as well. :)
  6. tyrocks00 macrumors newbie

    Sep 30, 2008
    EVERYone that i know has student loans...just graduated also and it sucks

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