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College Grads Buried in Student Loan Debt, but Unwilling to Give Up Luxuries

Dave_BerryDave_Berry 492 replies2563 threadsCC Admissions Expert Senior Member
"A new survey reveals that many grads don’t know their total student loan balance and more than a third don’t know what they pay in interest." …

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Replies to: College Grads Buried in Student Loan Debt, but Unwilling to Give Up Luxuries

  • SouthFloridaMom9SouthFloridaMom9 3416 replies30 threadsRegistered User Senior Member
    Yikes. :/
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  • beth's mombeth's mom 3256 replies110 threadsRegistered User Senior Member
    That article says the average student loan debt for millenials is $41,286. With the direct loan limit sitting at $27,000, I'm wondering if a lot of students took private loans or if they're including PLUS loans that students are paying off. I guess graduate/professional school debt, which can be huge, would be in the average, too, but the number still seems high.
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  • ordinarylivesordinarylives 3173 replies43 threadsRegistered User Senior Member
    Or make it an introductory course at college - could count as a Gen ed. Just make it a required one.

    Do this and I bet within a year College Board comes out with an AP to add to that money-making enterprise!

    If families want to live together, more power to them, even if it's done so kids can enjoy luxuries while they pay off the loans. The issue seems to be when those luxuries prevent a student from paying off loans, when the apartment with the stainless steel appliances increases the rent to the point where the new grad can't pay his or her debt.
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  • twoinanddonetwoinanddone 22949 replies17 threadsRegistered User Senior Member
    It is very easy to get the the 'standard' loans above $27k. Add Perkins loans, go to school more than 4 years, not qualify for subsidized loans so more interest has accrued from the earlier years, have student plus loans (parents didn't qualify for Plus, so student took out $4000 extra some years).

    The $27k is just the amount borrowed if one takes the full loans for 4 years.
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  • 3rdXsTheCharm3rdXsTheCharm 237 replies9 threadsRegistered User Junior Member
    S1 graduated in 2011 with about $27k in loans. He made a decent starting salary (~$50), my daughter-in-law barely made minimum wage (married right after graduation). They gave themselves $10 each for weekly spending money and $20 per week to spend as a couple. They put a donation in the church basket every week, donated to their colleges annually, and paid off his college loan and two vehicles in 2 years.

    Not all college debt is bad, as long as there is determination to pay it off.

    Another bonus of this is that S1's younger siblings saw their brother's determination and the successful conclusion to paying off the debt and want to do the same.
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  • emilybeeemilybee 13144 replies35 threadsRegistered User Senior Member
    @Mastadon, came with Audi 5 year warranty for big stuff (like power drive or some such thing) and he also purchased the extended warranty which covers other stuff. He spends a lot of time commuting - even though it's only 10 miles each way the traffic around Boston is horrible - so he's in his car up to 2 hours a day and he commutes the opposite direction of people who work in Boston.

    And we are still paying his auto insurance - which went up $200/month. He could afford it but since he is our only and we can afford it we agreed to pay it for a few years.
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