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by qdog
4769 days ago
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This is a pretty fluffy article. It says she borrowed $26k/year during law school, even though she was on a scholarship with tuition paid, and took out another $20k in private loans. Hard to judge anything just based on this article, but I'd have to say that if you have a full tuition scholarship and still need to take on 100k in debt you might want to rethink it. Also she had 3 children within 3 years of graduating, which would make it impossible to pay off anything unless you get a much higher paid job. A friend of mine and his wife took out something in the neighborhood of 100k/each, so they have(or had, been paying a bit now) 200k of student loan debt recently. I think it was a bit of a bad investment, since I think they could have gone to cheaper schools, however they stayed in NYC and make enough for this. Short story: If you want to take on a big student debt, paying it off is going to require you to go where the high paying jobs are. If you want to raise a family and work for the state, don't take on the debt, your life will be easier. |
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If you have Federal Loans and hold a public service job for ten years (and make your payments of I believe 10% of your gross income), your remaining debt is forgiven. The same is true after 25 years if you aren't in public service I believe and I think Obama just railroaded a change to make that 15 years using Executive Order. This is the reason why if you are struggling with Federal Loans DO NOT consolidate them through a private lender. Their terms will suck for you if you think you will struggle to pay them off.