How much were your student loans?

[crayonblue]

DH and I came out of school with massive student loans. Neither of our parents saved a penny for our education and it didn't help that we went to private universities and DH went to a private graduate school. I'm just curious if others are in the same boat. My question is how much were your loans upon graduating, not how much are they now.

I cannot imagine what it will cost for our kids to go to college in 18 years! I do not want my DD coming out of school with massive debt.

[mharling]

I think I was around $15,000. My grandparents had set aside money for each of us and my parents did contribute some. The rest was scholarships, Pell grants and student loans. Considering I went to a private school, I don't think that was too bad (and happily it's paid off).

Mary
Lane - April 2003
Little brother or sister on the way - EDD March 2

[steph2003]

My DH's were b/t 10,000-$20,000 can't remember exact number. Fortunately I did not have any loans. We just got done paying on his & now he is going to grad school to the tune of about $40,000 we'll have to take out in loans - ouch! That is for a 2 year MBA program at a private school which his company only covers a small portion of the $52,000 price tag leaving us with the rest.

[mudder17]

I chose $20-40K because that's what it was for the two places I went to. I went to a private school for undergrad, but they only made me take out $10K total in loans, my parents paid maybe $10K and the rest was paid for by the school (Go, HMC!). Then I went to grad school in Chemistry where they paid me to go--Yay! But then I decided to become a teacher and had to get a masters in teaching and they made me take out a loan for $18K, $12K for tuition and 6K for living expenses. So by the time I became a teacher, I had $30K in loans! In my case, it helped that my parents were poor and had 3 kids in college at the same time! I think they paid more for my two younger siblings at a state school than they did for me at a private school.

Eileen

Mother of Beautiful Kaya
http://www.babysfirstsite.org/newtickers/ticker/16994.birthday.png

http://www.gynosaur.com/assets/ribbons/ribbon_garnet_6m.gif Breastfed 6 months and counting

[Dcclerk]

Neither DH nor I had debt coming out of undergrad (state schools, lots of scholarships, working a ton, etc.) but grad school is a totally different story. We both went to grad school at the same time and even though I had a really hefty scholarship, we still had loans over $100K by the end of it all. We'll be done paying these off right about the time it is time to pay for our kids' college ;)!

[khakismom]

I actually didn't have any student loans because my parents very generously paid for my private school education themselves (and my brother's too). I know that I'm VERY lucky and blessed.

DH, OTOH, racked up around $30K for his. We'll be finished paying for his in about 6 years (I think).

[Saartje]

I voted <$5000, because DH & I were both on full scholarships for our undergraduate years. We're having to take loans on DH's PhD, though.

Lana, did you mean to use your DD's name in your post, given the "security rampage" that led you to change SNs & remove your DC's name from your sig in the first place?

[C99]

Neither of us have student-loan debt. My husband went to 1 year of private school and 3 years of public; I went through 4.5 years of public school. We've already started to save for Nate's college education, but I expect that my financial situation will be different than those of my parents or ILs, so my plan is to pay for 4 years of UIUC (or whatever the best public school in the state is, if not Illinois) and he's on his own for anything above that.

[kalebsmama]

Well, I didn't have any loans because I went to college where my Dad was on the faculty. My tuition was $3/credit hr and went up to $5/hr while I was there! So, get jobs at a university before your kids get old enough!

[crayonblue]

I keep forgetting! I'm not so worried about having DD's first name as I am having my last name. But, I am trying to remember to use DD! Thanks for noticing and reminding me!

[hez]

I had something like $1500 in loans when I graduated-- thank goodness for merit-based financial aid and scholarships. It would have cost more for me to go to a public school than it cost my folks to cover for private (I think their total was under $10k for the 4 years).

I did work 12-20 hours a week every week of school, plus worked summers on interships so I could pay for my own books, sorority dues (very low) and fun stuff, though. Which, when you add up what I made over the four years, about equals what DH had on credit cards when he graduated (no job except an internship or two)!

[Saartje]

Glad I could help. :)

[jbowman]

I had no debt after undergrad. My parents generously paid tuition, room & board, etc (especially since they had two at once--my twin sister and me). Even though I had an assistantship in grad school (which covered tuition & some expenses), I had to take out loans. I think I borrowed a reasonable amount considering that I spent 8 years in grad school!

[aliceinwonderland]

I'm well on track to have $ 70 000 due after law school. No undergrad debt, but that is small consolation as you can see. Mind you I also have a pretty generous scholarship now.

I thought that figure was horrible, until the girl that sits next to me in one of my classes said that (she also has a Master's) when she is all done, she will have about 200 thousand due.

I think it's pretty safe to say none of us will be doing public interest law for a while ;)

[smilequeen]

I can make anyone feel better with our grand total :)

My parents helped out a lot with undergrad, but then I went to dental school at Northwestern where tuition and fees added up to almost 50K per year and my parents were out of money to help. DH went to undergrad in Canada, so no loans, his parents paid for about half of dental school (although they have been paid back b/c they expected to be) at the same place.

So, we walked away with somewhere around 325K in student loans between the two of us.

It took us about 4 years of being really good with our money to get rid of that, but we did it. Thankfully, dentistry has treated us well and made all the debt we incurred worth it :)

[psophia17]

I ended school with about $15K of debt, my older sister with $40K, her husband with $25K, my best friend with $65K, her husband with $100K.

IMHO, I think that educations we all got were vastly overpriced - I didn't really think so until I became a SAHM, and all of a sudden it dawned on me. Plus the cost of eductation is increasing at something like three times the rate of inflation - so are the prices for cars, though. It's ridiculous.

Plus it makes me mad - can you tell?

-Petra

DS - Nathan, 12/29/03

[peanut4us]

Not exactly sure how to answer. DH owed zippo thanks to his generous parents. I had a "loan" each semester from my school... it was for the exact amount of tuition for the semester and it was due on the last day of class. For some reason, I was always about a semester behind, so that worked out really well. I worked my butt off in shcool and in the summer's to earn enough for tuition, books, living expenses, well pretty much everything. And I'm so glad that I did.

But, now, I'm looking at getting into serious debt next year to go to law school. I'm jst trying to not think about that part of it yet... or I'll chicken out! LOL!

FWIW, and I guess slightly off topic, I will be teaching our children that I expect them to pay for as much of their school as they can. In other words, yes, you will work during high shcool and in the summer, and no, you won't spend all your money on clothes, movies, etc.

[alkagift]

I voted in the $5k - $10k range and it was honestly closer to the $5k mark. That being said, I went to a great public university and had scholarships and grants too. I worked two jobs but my parents did not contribute anything other than moral support, which was appreciated! And, ahem, that was 15 years ago. Geez, I'm old.

Allison
Mommy to Matthew Clayton, 5/19/03

[aliceinwonderland]

Wow, i am very impresed you were able to get rid of all that in such a short time...As I psoted above, I'll have about 60 grand once I'm out of law school...also looking to pay it VERY quickly so your post gives me hope!! :)

[crayonblue]

Wow, wow, wow! I am very impressed that you paid off those loans in 4 years! We have a lot but more like a really, really nice car not a house!

[crayonblue]

"FWIW, and I guess slightly off topic, I will be teaching our children that I expect them to pay for as much of their school as they can. In other words, yes, you will work during high shcool and in the summer, and no, you won't spend all your money on clothes, movies, etc."

I totally, totally agree.

[lisams]

None - my parents had a fund for me that payed for most of my tuition. I worked through all of college to pay for books, transportation, and other expenses. I lived at home with my parent's also (wasn't always fun, but it saved tons of money). I thank my parents for educating me about saving money from a very young age - I payed cash for my first car with the babysitting money I had saved.

Lisa

[barbarhow]

I had about 10,000 in undergrad debt-went to a private university and was lucky that Dad paid for the rest.
My grad school loans are another story....around 60,000. Ouch. I went to NYU and figured I would stay in NY but then met DH half way through. I now make less than I made before grad school so it will be a long haul to pay it off.
I worked full time through college to pay for books, room and board-only off campus housing for upperclassmen, and spending money. I will do everything I can to make sure that my children won't have to. I don't mind them working a few hours a week for extra spending money-but I think that I missed out on alot because of working so much. Thats JMHO.
Barbara-mom to Jack 3/27/03, a Red Sox fan
expecting #2, a Yankee fan, around 5/9/05!

[Judegirl]

Gosh, the top category doesn't even come close for me.

As of my 7th year in grad school, when I stopped taking out loans, I owe a total of $120,000 for both undergraduate and grad school.

Jude

[tarahsolazy]

Two words: Medical School

I got out of undergrad (Univ of WI) debtless, but med school was another story! I am just starting to pay it off next month (long deferrment for residency/fellowship)

I think I owe $120,00, but I'm trying not to think past the monthly payments, initally. Luckily, DH's parents paid for his med school (on ONE TEACHER'S SALARY) so we don't owe twice that!

[Puddy73]

DH and I racked up a total of $55,000, most of which is my law school debt. Given how much I hate my current job, I really wonder if it was worth it.

Jennifer
Mommy to Annabelle Mae 9/8/03

"Life is not measured by the number of breaths we take, but by the moments that take our breath away."

[Dcclerk]

I can't tell you how many lawyers I know that speak your exact sentiments. Things they didn't tell you when you signed up (or you didn't believe at the time)...

[dr mom]

Ugh, me too.

Out-of-state med school tuition, combined with DH's grad school debt, puts us at just over $300k. We have been living like paupers and making regular payments, but right now I'm taking a few months off between residency and A Real Job to be a SAHM to DS, so I deferred as much as I can. Our monthly loan payments are 3x our mortgage!!!

[pixelprincess]

Dh had med school loans... around 40k and mine were under 7k. we paid them off over 3 years. We lived frugally and I also transferred them to 0% cc to avoid high interest (since dh had managed to not defer them and they became delinquent). I had to keep transferring them for a few years until they got paid off and keep track of various cards.

[HannaAddict]

Nice parents (in-laws)! I don't know how they did that on a teacher's salary and saving for retirement. Wow.

We had/have over $100k in undergrad/grad school debt. between the two of us. Sold my soul to the big firm for a couple of years before doing public interest law and now staying at home.

[miki]

Eileen,

Is HMC Harvey Mudd? I went to Pomona.

[icunurse]

I went to a private undergrad school and, through scholarships and grants, ended up oweing about $20,000. My parents told me they would pay for my room and board, which they did, and they just sent in their last loan payment a month ago! (I offered to pay the loan for them, but it was a pride issue for them - I'm the first person in any part of my family to go to college.) My graduate program was also at a private university....I was lucky, as my job paid $1500/yr, I worked full-time nights (shift differential!), and I was a graduate assistant (which paid for about 2 classes a year), so I just paid as I went. I'm hoping this will all pay off, as "the goal" is to eventually teach nursing at a university level so the kids can have a free/discounted college education. If they choose to go elsewhere, they're mainly on their own. I agree with the previous posters in that I expect my children to contribute as much as possible, have a job when they turn 16, take out loans. I did it and I survived. It also made me *very* aware of the value of money.
Traci
~Connor's Mom~

[Momof3Labs]

Not a penny. My dad saved some money for us, but I was fortunate to get a large amount of scholarships from my private university. And rather than a graduate degree, I took actuarial exams for 4 years after graduation while I was working full time, so no debt incurred there.

[egoldber]

Well, I had no loans. For undergrad, I was fortunate enough to have tuition scholarships and (because my parents were quite poor) to have lots of federal financial aid (mainly grants) which covered room and board. I worked during the summers (but not during the school year) to earn living money for the school year.

For grad school, I again had a tuition scholarship and then had a TA position that allowed me to pay for an apartment. DH had a modest amount of loans (maybe $4500???), that we paid off almost immediately after graduation. We both went to state universities, and I think that we both got very high quality educations.

For our children, we plan to cover the cost of in-state university tuition and board. If they want something more than that, they will have to pay for it themselves. But frankly, I will discourage them. I just don't see the value to earnings ratio from a private school education. Purely my opinion obviously.

[american_mama]

Were you interested in combined student loans for a couple (husband and wife's) or just one person's? I'm sure there are many families like mine where one partner had huge loans and another little or none.

I personally am a defender of student loans in moderation or with the prospect of good employment following the degree. I think people with bachelor's degree can usually handle repaying up to $10,000 in student loans, and leads them to make wiser financial decisions post college life. That's about what my loans were, and I found repayment to be no burden despite employment at non-profit agencies, and even several months of UNemployment.

I also think people who can expect high paying professional jobs can usually handle high student loans, like for a medical, business, or law degree. I don't even think it's a horrible situation to have to take a job you don't want for a few years just because it's higher paying. I think doing a job you dislike for a few years is not a bad tradeoff for a lifetime degree that will, relatively quickly, enable you to do the job you truly desire.

Also, I am surprised by the number of people who mention in these responses whether they went to public or private universities. You can graduate with high or low student debt at either; it all depends on the tuition, your other sources of payment, and (in the case of graduate school) how long you attend school.