Toledo Talk

Financial question

I have $40,000 in student loan debt. I'm in my twenties and have some credit card debt. I also have a car loan, but not a huge one. I live pay check to pay check, like most people. I also have fun in life and emjoy life as much as possible, however, it drives me nuts that I have so much school debt.... am I over thinking it since so many have school debt?

My credit score is 720 which isn't bad.... just thought i'd get others thoughts.

created by jim30529 on Dec 26, 2012 at 04:53:58 pm     Home     Comments: 5

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You may want to contact my friend Scott, mentioned in this previous post about student loan debt. He may be able to help you out:

posted by upso on Dec 26, 2012 at 04:58:00 pm     #  

Yes, you are over thinking it, IMO. Fifteen years ago I graduated with $75,000 in student loan debt, but it put me in a position to earn that and more.

What does a high school diploma get you income-wise? What does a college degree get you? Now certainly with the economic fallout, the answer to those questions have changed a bit but bottom line is college graduates earn more than high school graduates, and have a lower unemployment rate. Where would you be without the degree the loans financed?

I will admit that when I first graduated and got a job, I put myself on a repayment plan to get the paid off in five years. Then life happened (i.e., kids) and I refinanced them for 25 years. Sounds silly at first, but in 20 years the $200 payment will be about the same as filling up the family car with gas.

I never feel burdened by my loan payment. I borrowed against my future earning potential and it paid off. Life isn't always easy but that's life.

posted by MsArcher on Dec 26, 2012 at 05:31:38 pm     #   2 people liked this

That's not bad as far as student loan balances go. My question would be, what is "some" credit card debt? That's the real killer, IMO.

posted by gamegrrl on Dec 27, 2012 at 12:51:01 am     #   1 person liked this

That is a lot of student loan debt, but I don't think it's unheard of. My wife has $45,000 and she got her degree in Biology.

Whenever someone calls into Dave Ramsey and says, "We have $100,000 in student loan debt." His response is always, "Who's the doctor?". Inevitably you hear, "My husband's a social worker/teacher/pastor/etc." Man, I just don't get it.

posted by slowsol on Dec 27, 2012 at 01:34:21 am     #  

Statistically you are likely to earn significantly more money with a Bachelor's degree than with a high school diploma, and you will be far less likely to be unemployed:

posted by historymike on Dec 27, 2012 at 07:01:09 am     #