Ballpark payment on an $85K school loan

[dvcgirl]

If your DS marries this girl I am afraid there will be various quarrels and spats over money and the marriage could be on the rocks in not too much time.
.

I'm curious, why would you think that?

Seriously, does anyone here really think it's unusual to have 85K in student loan debt?

It may be on the high side, but certainly not *that* uncommon.

I think that the quarrels and spats come when a couple isn't open and honest about their finances....or if one of the spouses doesn't fully understand what he or she is getting into.

Here, this young man is really going to understand what he's "signing up for" so to speak, when he marries this young girl because he's getting valuable counsel from *his* parents.

I'm sure he feels that she's worth it....

I think that the approach that they're taking is really very mature.

 

[twooley2]

Honestly, I think it's *great* that these young adults have asked for advice.

Most of the 20-somethings in my family are a nightmare from a financial standpoint, and still, they'd never ask for advice (they only ask for money).

I think it's great to keep the lines of communication open on this front. Good for you OP!

the people who give them the money is the real problem....

 

[twooley2]

I'm curious, why would you think that?

Seriously, does anyone here really think it's unusual to have 85K in student loan debt?

It may be on the high side, but certainly not *that* uncommon.

I think that the quarrels and spats come when a couple isn't open and honest about their finances....or if one of the spouses doesn't fully understand what he or she is getting into.

Here, this young man is really going to understand what he's "signing up for" so to speak, when he marries this young girl because he's getting valuable counsel from *his* parents.

I'm sure he feels that she's worth it....

I think that the approach that they're taking is really very mature.

I think it is pretty average for 85,000 loan if that is how they paid for college. I am aware some community 2 yr colleges are a bit cheaper but todays college cost would show that a 4 yr college or masters program would be normal to have 85000 in loans if totally loaned out during the school time

 

[snowywhite89]

Yes she did... BUT her post was asking for numbers not advice...
Snowywhite's post had ABSOLUTELY nothing to do with the question asked.


You are 100% wrong. She posted this and this is what I was replying to.

We're starting that process...

 

[bridget]

I couldn't get past 85K! Then when I saw $850 a month, I couldn't believe it!!! That is so much debt, so young!

I'm considering going back for my doctorate (state university) and I'm thinking $18,000 was expensive!

 

[twooley2]

oh and as for numbers 85,000 student loan with 5-6 percent interest rate consolidated is 515.00 for 30 years or there are payment plans that start lower and increase over the life of the loan to max out at 850.00. If he has loans they can consolidate all of them and base on income too but payment will change as income changes and they will average the interest rate out. Currently there are tax breaks too to include credits and such like lifetime learning credit, education credit, student loan interest rate credit. Direct consolidation loan website may answer a lot of questions for you too.

 

[LoveBWVVBR]

I can agree with that. A person who'd go into major debt (instead of choosing a less expensive school, or going with another cost-cutting method) would have financial values different from my own, and we'd not be compatible.

This, exactly.

 

[LoveBWVVBR]

forget about love!

From a very young age, my mom taught me that "when money problems come walking in the door, love goes out the window." I firmly believe that adage.

 

[twooley2]

From a very young age, my mom taught me that "when money problems come walking in the door, love goes out the window." I firmly believe that adage.

I do not agree although money problems are not a joy they can be overcome and too many marriages give up today rather than work through them if everyone thought like that during the depression many people would have given up too easily. Now people changing which is inevitable in people can cause love to be more work than pleasure. I have been married 20 years and feel I am still learning.

 

[dvcgirl]

From a very young age, my mom taught me that "when money problems come walking in the door, love goes out the window." I firmly believe that adage.

I'm certainly no fan of debt, but why is it automatically a problem that this girl has 85K in student loan debt? I mean, do we know what her income is going to be?

 

[twooley2]

I'm certainly no fan of debt, but why is it automatically a problem that this girl has 85K in student loan debt? I mean, do we know what her income is going to be?

My point exactly or what his will be forever.

 

[lillygator]

In part because of their wisdom and guidance, we have two children doing well, a house that is well maintained, a marriage that is happy, and were millionaires before we were 40. I'm not sure what downside you are projecting.

any tips?? I have 4 years!

 

[LoveBWVVBR]

I'm certainly no fan of debt, but why is it automatically a problem that this girl has 85K in student loan debt? I mean, do we know what her income is going to be?

Well, unless she's going to be making 6 figures right out of school, I'd think that it was a problem. Some of those loans have to be private student loans. Those accrue tons of interest and seem tough to get out from under from everything I've read about them. I don't think that you can get 85K in Stafford and Perkins loans...that's why I'm assuming that some of them are private.

 

[twooley2]

Millionaires before 40 can mean a lot of things. There are inheritances. the lottery, millionaires in savings for retirement. So one would need to know what that really means. We could say the same thing but it depends on how its acquired and if family money is involved or legal matters which may have earned the money etc.

 

[princessmom29]

I am another that thinks discussing this with the inlaws is NOT a good idea. It wouldtake a VERY rare and special relationship for this discussion not to lead to issues down the road. The whole "thinking of marrying" wording of the post tells me mom is not so sure about he son marrying this girl, and it seems to be at least in part due to the debt she is bringing into the marriage. I think that is going to set up some serious resentment down the road.

 

[twooley2]

Well, unless she's going to be making 6 figures right out of school, I'd think that it was a problem. Some of those loans have to be private student loans. Those accrue tons of interest and seem tough to get out from under from everything I've read about them. I don't think that you can get 85K in Stafford and Perkins loans...that's why I'm assuming that some of them are private.

Yes you can... I know for a fact after a
Bachelors is obtained the govt will loan in full the cost of
a masters degree can be totally loaned out and fixed interest rate
through Stafford and subsidized loans

 

[princessmom29]

Well, unless she's going to be making 6 figures right out of school, I'd think that it was a problem. Some of those loans have to be private student loans. Those accrue tons of interest and seem tough to get out from under from everything I've read about them. I don't think that you can get 85K in Stafford and Perkins loans...that's why I'm assuming that some of them are private.

Not necessairly. You cannot get that much subsidized, but I am pretty sure, at least at the time we were getting loans, you could get as much as your need dictated unsubsidized.

 

[dhuba]

If you go to studentaid.ed.gov you can find out about the new repayment plans available on the federal student loan portion of school debt. Of course if she has private loans those won't qualify for this type of repayment. There was new legislation passed that sets your payment at no more than 10 percent of your income for federal loans. I really haven't looked at all the details for ourselves yet. My daughter will have about 20000 in loans and that is after we have put out over 50000, so I really think 85000 isn't out of line for typical student debt. We will probably end up paying that 20,000 after school, but since it was subsidized we figured she should take those loans and we could repay them after she graduates. I have a son who took the more economical community college route so we will only have 2 years of expensive college for him thank goodness.

 

[twooley2]

Not necessairly. You cannot get that much subsidized, but I am pretty sure, at least at the time we were getting loans, you could get as much as your need dictated unsubsidized.

you are correct you do not even have to have need after you have proven yourself with a Bachelors and the more education you get, the more they will loan.

 

[eliza61]

Ah, that's great that you are helping. I think too many young people don't take into consideration all the monthly expenses, etc.

Funny how twisted and sidetracked an innocent post can get, heh?

I thought the same thing. When I attended pre-cana classes before my marriage we went to both my parents and my inlaws to ask them how they set up their family finances. We showed them our income and our bills and asked them for any and all advice they could give us.

Not every parent involved in their grown childs life is a buttinski. lighten up folks.