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$52,000 in debt

Regular Contributor

$52,000 in debt

I just had a chance to look at the whole picture of my student loans. It all amounts to $52,000 and that is just absolutely frightening. My summer internship should knock off a quarter of this total. Anyways, how much student debt do you have? 

Message 1 of 50
49 REPLIES
Member

Re: $52,000 in debt

My wife and I have a combined $35k after about 4 years each at a state university.  My wife is currently graduated and working and I am a graduate student, so we we are slowly paying down some of my wife's loans.  After I graduate, we will accelerate the payment and hopefully have them gone in a 1 to 2 years.


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Message 2 of 50
Valued Contributor

Re: $52,000 in debt

$8500 

Ch 7 Discharge May 2015
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Message 3 of 50
Senior Contributor

Re: $52,000 in debt

I'm lucky -- found a job while in high school and climbed the ladder without college.  But that was 30 years ago, lol.


Hannahj55 wrote:

I just had a chance to look at the whole picture of my student loans. It all amounts to $52,000 and that is just absolutely frightening. My summer internship should knock off a quarter of this total. Anyways, how much student debt do you have? 


How does your savings-emergency fund look?  If it's near $0, make sure to use some of your summer internship money to set aside an emergency fund.  Paying down debt is good, but if you don't have an emergency fund, no FICO score will save you.

Message 4 of 50
Regular Contributor

Re: $52,000 in debt

 


ABCD2199 wrote:
I'm lucky -- found a job while in high school and climbed the ladder without college.  But that was 30 years ago, lol.


Hannahj55 wrote:

I just had a chance to look at the whole picture of my student loans. It all amounts to $52,000 and that is just absolutely frightening. My summer internship should knock off a quarter of this total. Anyways, how much student debt do you have? 


How does your savings-emergency fund look?  If it's near $0, make sure to use some of your summer internship money to set aside an emergency fund.  Paying down debt is good, but if you don't have an emergency fund, no FICO score will save you.


You are absolutely right. I plan on putting 1,500 into my savings and continue to add to that throughout the months. I plan on saving an additional 3-5k and pay 13k towards my debt by August. 

Message 5 of 50
Valued Member

Re: $52,000 in debt

I graduated with $11,000 in student loan debt in 2010. After I wiped out all my credit card **bleep** in 2014 in Bankruptcy, I attacked this debt every month. I paid mine off in full in February. I now have no debt and over $12,000 in savings.

Message 6 of 50
Valued Contributor

Re: $52,000 in debt

A 'guy' I work with is paying $7,000 monthly on his student loans. This is over the minimum but he wants to get out of debt. 

The plan is to do this for the next 5 years......

 

I have $30K left on my student loans.

 

I feel for the people that have been sucked into the for profit technical schools and come out $25K in debt and making not much more than minimum wage. 

Message 7 of 50
Regular Contributor

Re: $52,000 in debt

Sadly, I honestly believe that school is a scam. Especially to those poor souls who owe hundreds of thousands of dollars. They freely hand us money with very little requirements and then expect us to pay it back. Very few people understand what the consequences are and it's very similar to 2008 where mortgage requirements were near nothing. 

Message 8 of 50
Valued Contributor

Re: $52,000 in debt

It's been a long, twisty path, but the principal on my own student loan debt is now only around $5,300 (or less) with a monthly payment of $73.50. Went back into regular repayment in December 2015 and the principal right now is dropping by $33 per month, will increase as the total principal declines along with the interest charged on it. About 8.6 years (103 payments) left to go on it.

 

Actually, nowadays I'm glad I still have this chunk left over because it appears on my credit reports as an installment loan along with my car loan. The lates on the student loan should be gone in less than four years and then assuming everything else is good we should see my scores jump upward.

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 5/1/18:TU 664/EX 697/EQ 695 FICO 8 or 682 FICO 9 (Penfed 5/18), VS 3.0 5/30/18: TU 711/EX 709/EQ 705. $71,800 revolving credit as of 3/23/18; $4000 Walmart Store Card, $4500 Discover It, $5000 Discover It #2 (new 3/12), $6000 Cap One Quicksilver MC, $6000 Amazon Prime Store Card, $7000 Apple FCU Platinum Visa, $7000 Penfed Power Cash Rewards Visa, $7300 Overstock Store Card, $10K Cap One QS Rewards Visa Signature, $15K Care Credit, $10k PenFed used car loan, $5k Navient student loan, $12.7k Lending Club loan. Resetting the garden clock from 3/12/18...
Message 9 of 50
Senior Contributor

Re: $52,000 in debt

Thankfully I only owe 4800 now , this is from a loan when I was fresh out of high school and did not understand anything about it or Credit , I stopped going to class bc I was not ready at that point in my life and so this loan that was originally 2800 has almost double with interest and fees for me going into default , I did the rehab program last year and it wiped away all my negative info regarding the loans so now I'm working on payIng it back . The only good thing about it is hat it has an IR of 2.3 bc that's what they were back in 2001 lol , sadly I will have to take out more loans come August when I return to finish my degree
Message 10 of 50