Poll: Are you in Debt ?

[Fiz_The_Toaster]

Yeah, and I've been able to pay it off a lot faster than I anticipated because of some extra gigs that I've been getting that pay good money. I've had about $4,000 in debt from equipment and a computer that I needed and I'm so damn glad that I will be able to pay it off soon too.

 

[Dys]

Where's the "no and I refuse to take out debt because I work hard and live below my means" option. It's taken me 5 years to be able to afford a car that I physically fit in and at 23 I still live with mum and dad because I've had to pay off uni debt as it is incurred.

 

[Elementary - Dear Watson]

Technically I am... My mortgage is a debt... but the rent paid to me covers it, so its not a debt that isn't being paid! Or is even inconvieniencing me in any way!! In fact I make a little money off of it!

I have no other debts though... I got a carrer instad of University, so no student loans, and that's all good!

I don't count myself as being in debt though, as I will technically be for the next 30 or so years, depending on what size and cost of house I move into when I am older and with a family!

 

[triggrhappy94]

I'm considering taking a student loan, but have been discouraged from a few people saying how it takes years to fully pay it off or how you'll never be able to pay it off due to other expenses. so my question and discussion is, are you in debt and how as it effected you ?

Student loans will have you paying forever. If you're fine with that or there's no other way, then go ahead.

I'm going to try to get through college with out them.

Spoiler: Something to think about

One thing I didn't notice in that, that should be included is that student loans are the only loans that don't go away if you declare bank ruptcy. This puts it in league with debt assumed as the result of a legal settlement--ie you crash your car into store, the store sues, the court decides you have to pay damages.

 

[Nexxis]

I'm in debt with school loans which would take a long time to pay, but if I get a good job, I might be able to pay it off in large lump sums and get rid of it quickly. Otherwise, I'm looking to be in debt for about 14 years, I think. I have a lot of student loans.

 

[aashell13]

why isn't there a poll option for "no, i'm not in debt because i'm careful with my money & eat ramen a lot", hmm?

you don't have to be rich to keep out of debt.

 

[Jodah]

I have student loans but not through lack of being able to pay. Rather I have kept them partially outstanding to build my credit rating. I could have paid them off a couple years ago via some inheritance money I got. I chose to improve my credit score instead. Kinda annoying how that works but meh.

Also student loans don't necessarily take forever to pay off. It depends what field you go into. Some professions will give you the ability to pay them off quickly, others will take time.

 

[Craorach]

I'm a home owner, I have a mortgage. That's gonna take a darn sight more than 3 years to pay off, but nowhere near forever.

 

[robmastaflex]

Dont the student loaning companies just say "Fuck it" after 7 years of trying to get their money and give up?

Something like that. If you haven't started paying in 7 years (I have to look up exactly how many, but 7 sounds correct) they quit, if you have started paying it off but haven't finished in 25 years (I'm just going to trust JoJo) they still quit.

It's not too bad and the loans aren't too big themselves.

Huh, didn't know about the 7 year thing (or whatever number of years if you're wrong). I just assumed it was 25 regardless.

Like other people here, I'm several thousand pounds in debt from student loans. They don't worry me too much though, the info I have on them makes them seems surprisingly lenient.

Is that stateside or on my side of the pond?

Cause in Britain...

Tis 50 years, not 25, and they never stop chasing you. The moment you earn more than 20,000 a year, they start to take payments off you amounting to 10% of income over 20,000 pounds. The easiest way to escape the debt, if it bothers you, is to leave britain. Although in honesty, due to rates of inflation, it is more like a "Graduate Tax" then anything else.

Just clearing that up, I am currently going through this entire process.

By 'your side of the pond' I'm assuming you mean the UK. If so, yes I'm on about your side of the pond. Clearly I wasn't paying attention when I was first told about student loans 4 years ago...

Either way it doesn't really bother me that much. I'd like to think I'll eventually pay it off, providing I finally manage to find a fucking job. Hopefully when I finish my degree I can get a job in the area I want though, as I haven't seen so many people sharing my career interests.

EDIT: Just read 'in Britain'...

 

[BreakfastMan]

Yes I am, also from student loans. And while I don't think I will be able to pay it off in 3 years (mainly due to the fact that I will be in school at least another year), I do think I will pay it off in 5 years. But, mine is a... special case, let's say, so I understand the plight of those who are burdened by massive student loans.

 

[bluepilot]

UK, student loan, lasted 4 years without paying it back, just another 21 to go myah ha ha.

I do not think I should pay it back. I have to pay the pension of the baby boomers who went to University for FREE and then the Government took the University fees off the books (hence the 9000 a year, grrr).

If you won`t pay for us, why should we pay for you. ha.

It is really annoying because if there were more opportunities for young people then the retiring lot would not have to worry about their pensions. What goes around comes around etc. Meh, but no-one listens to me, which is why I made a voodoo doll of Nick Clegg.

Do not worry about student debt, it is all smoke and mirrors. Plus it is not the same as credit card debt or a mortgage.

With the rate of inflation, the debt is worth less and less everyday anyway. One day I will say to my grandkids, "I went to University of the same price as that coke you are drinking".

 

[GigaHz]

Nope. Debt free completely at least for now. Cars paid off, Education is paid off, credit card is always paid in full, and I have no issues with Rent or other bills. All thanks to working since the age of 11 and learning financial responsibility.

The moment I get enough for 8 months worth of mortgage payments, I'm leasing a house. I think thats a decent buffer, assuming I don't get swindled.

 

[robmastaflex]

Dont the student loaning companies just say "Fuck it" after 7 years of trying to get their money and give up?

Something like that. If you haven't started paying in 7 years (I have to look up exactly how many, but 7 sounds correct) they quit, if you have started paying it off but haven't finished in 25 years (I'm just going to trust JoJo) they still quit.

It's not too bad and the loans aren't too big themselves.

Huh, didn't know about the 7 year thing (or whatever number of years if you're wrong). I just assumed it was 25 regardless.

Like other people here, I'm several thousand pounds in debt from student loans. They don't worry me too much though, the info I have on them makes them seems surprisingly lenient.

Is that stateside or on my side of the pond?

Cause in Britain...

Tis 50 years, not 25, and they never stop chasing you. The moment you earn more than 20,000 a year, they start to take payments off you amounting to 10% of income over 20,000 pounds. The easiest way to escape the debt, if it bothers you, is to leave britain. Although in honesty, due to rates of inflation, it is more like a "Graduate Tax" then anything else.

Just clearing that up, I am currently going through this entire process.

By 'your side of the pond' I'm assuming you mean the UK. If so, yes I'm on about your side of the pond. Clearly I wasn't paying attention when I was first told about student loans 4 years ago...

Either way it doesn't really bother me that much. I'd like to think I'll eventually pay it off, providing I finally manage to find a fucking job. Hopefully when I finish my degree I can get a job in the area I want though, as I haven't seen so many people sharing my career interests.

4 years ago we did not have a bunch of fuckwits in power. Ok, we did, but not fuckwits who think that education should only be for the rich. Everything changed when the student fees went nuclear.

How do you think I feel

My three year course will put me 27 grand in debt due to tuition fees alone (That is 42,834.25 USD for you Americans) and I intend to get a masters, upping that to 45 grand (71,390.42 USD). Add a PGCE to that and you are looking at 54 grand (85,668.50 USD). That is just tuition fees.

Now, according to UCAS and the finance people I have been talking to, living costs stand at roughly 7 grand a year. I live on the cheap though, lets call it five. BA = 15 grand (23,796.81 USD), MA = 10 grand (15,864.54 USD) PGCE = 5 grand (7,932.27 USD)

So!

The big numbers!

Getting the qualifications I want will cost me...

Upwards of 84,000 pounds.
Or 133,262.12 USD

And that is BEFORE I move on to my PhD. Although to be fair I could skip out on the PGCE, move strait to PhD and you get paid a small amount for the teaching you are doing... But still, PhD's take a while so that number, somewhere between 84,000 pounds and 100,000 pounds (133,262.12 USD - 158,645.38 USD).

Best bit?

My parents went to University for free. Actually, they both got PAID to go to Uni.

Gotta love modern education policies!

I couldn't begin to imagine how you feel, though you most certainly have my sympathies. The whole 'education for the rich' thing does upset me, though I suppose such a view was inevitable for a Conservative government. The school system doesn't seem to help though, suggesting everyone should go to university, or at least my school pushed that view. Of my family I was the first to go, neither of my parents didn't see the need nor did my grandparents (which I find amusing considering I want to work in the same area my grandfather did).

 

[Krantos]

My wife is a 4th year DVM (Doctorate of Veterinary Medicine) student. Hell, yes, we have debt. Our goal is to have it paid off in the next 10 or so years, but that's going to depend on a lot of things.

 

[ace_of_something]

Yes, but not in the way you're thinking. I'm paying off the loans of a new(ish) car and of course the mortgage on my house and land.
Though if you mean the kind of debt that fucks up your credit cards etc. No, and I never have been even when I was out of work for 8 months years ago. I grew up pretty poor, though i've known worse.
I'm not in debt because I had a fuckton of scholarships in college/was working full time while I was a student and Cuz I save and invest my money.

Though I hope to be adopt a child soon so my cashflow is going to be taking a severe and permanent hit soon.

 

[WanderingFool]

I'm considering taking a student loan, but have been discouraged from a few people saying how it takes years to fully pay it off or how you'll never be able to pay it off due to other expenses. so my question and discussion is, are you in debt and how as it effected you ?

Where is the, "Yes, and Ill have it payed off event..."

Actually, at this point in my life, option two is pretty much likely. But as a member of the middle class and a graduate of college, I didnt see any other way of actually paying for college... If my loan papers are correct, I have about $26,000 US to pay off for my loans, so Im looking at atleast 5-7 years before they are paid off.

 

[Helmholtz Watson]

not right now, I'm looking for a job though

 

[FalloutJack]

I'm considering taking a student loan, but have been discouraged from a few people saying how it takes years to fully pay it off or how you'll never be able to pay it off due to other expenses. so my question and discussion is, are you in debt and how as it effected you ?

You do not take a loan as a student. You get yourself onto a payment plan without adding extra money or interest to the deal. In short, you don't owe anything more than what you were going to owe in the first place, but you agree to pay at a minimum of certain installments over a period of time. This is the same as paying for a car or home. You don't get into any real trouble this way.

 

[Xanthious]

If you are thinking about going to school I wouldn't take a student loan. Depending on any number of factors you'd be amazed how easily it is to go to school for free or in some situations actually get paid to go to school.

The trick is you need to put in some modicum of work and look for grants/scholarships/random financial aid that you can qualify for. I have a good friend that went back to school in his early 30s and not only had the entirety of his school expenses covered but also cleared a few thousand dollars per semester above and beyond what he spent on school.

Seriously, student loans while certainly helpful to some can largely be avoided if you know how to navigate the massive amounts of financial aid out there that's free for the taking. If I were you I wouldn't even think about student loans until I did some serious research about what you can get for free.

As for the question of debt, the only debt I currently have is a car loan that I just recently took out that's going to end up a hair under 20k when it's all said and done. I have never believed in going into debt. I only have one credit card that I keep around just in case and I haven't had a meaningful balance on it since mid 2007. The bottom line is that debt is something that is best avoided whenever possible.

 

[Marcus Kehoe]

Right now I will have little debt through college, but when I hit Chiropractic school I will be knee deep in debt, likely hitting 6 figures.