# Student loans



## Ship Wreck PE (Nov 10, 2013)

How much did you borrow to get your degree??

I was in for 15k


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## knight1fox3 (Nov 10, 2013)

$25k for me, about $25k for LadyFox. We had that paid off before purchasing our first home. :thumbs:


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## helwardman (Nov 10, 2013)

Zero. I was lucky enough to attend University in England at a time when I was actually given money by the government to obtain a degree.


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## envirotex (Nov 10, 2013)

nothing, and I told Tex Jr. that's the best thing he can do for his career.


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## cupojoe PE PMP (Nov 10, 2013)

25k, paid it all off in 3 years except 4k which is 2.1% interest, so I decided to let that one just sit for a few more years.


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## akwooly (Nov 11, 2013)

16k


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## goodal (Nov 11, 2013)

$10K. Still chipping away at it. Dave says they stick around so long you start to think of them as children. I know exactly what he means.


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## roadwreck (Nov 11, 2013)

$10k, paid it off within a year of graduating.


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## MetsFan (Nov 11, 2013)

I don't remember exactly, but it was around 10k or so. I paid it off in a couple of years.


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## guitarjamman (Nov 11, 2013)

I would jumping for joy with the amounts you folks have carried. I signed on the dotted line for about $50K - am on the 10 year track to eliminate it. Family couldn't help out financially and made too much money for any sort of government assistance. The payments are just a part of life now and don't hurt as much as they used to.


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## Dexman PE PMP (Nov 11, 2013)

I'm in for just under $20k, although Mrs Dex jumped in for close to $60k. Granted, she has 2 degrees and has received more raises/promotions in the last 3 years than I have in the last 10...


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## snickerd3 (Nov 11, 2013)

about $55K ish maybe a little more. they have been paid off for awhile. paid the private loan off 12/2006 the fed loans were paid off 9/2008 graduated in 2002


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## Dexman PE PMP (Nov 11, 2013)

BTW, I really have no idea when my loans are supposed to be paid off. We "deferred" payments while Mrs Dex went back to school for her 2nd degree, and have only really been paying on the 15yr loan for the last 5 years. We've paid extra each month, so they should probably be gone about the time both Mini-Dex'es get to college...


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## blybrook PE (Nov 11, 2013)

I had around 13k. Got it down to less than 3k now. Hoping to pay it off in full within a year.


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## snickerd3 (Nov 11, 2013)

mr snick got a full ride from his parents so we didn't have to worry about 2 peoples loans just mine.


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## Master slacker (Nov 11, 2013)

Lots. Wife has lots. Won't pay off for a while as they're at 2.25% and 3.00%. But still, we got lots.


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## goodal (Nov 11, 2013)

As sucky as it is still paying on this 8yrs later, I wouldn't have my degree or partnership now without being able to borrow the money. I was advised to do whatever it takes to get through, as quickly as possible. As it turns out, this advice was good for me.


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## RIP - VTEnviro (Nov 11, 2013)

snickerd3 said:


> about $55K ish maybe a little more. they have been paid off for awhile. paid the private loan off 12/2006 the fed loans were paid off 9/2008 graduated in 2002




Hey I graduated in 2002. Way to make me feel old.


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## Road Guy (Nov 11, 2013)

I don't see how people get over $20k? Isn't it just a few thousand a semester?

Unless people use it as living expenses? Or wet to Harvard?


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## MA_PE (Nov 11, 2013)

Any private school these days, when all is said and done with living expenses and everything works out to about $40k a year. Harvard is not the most expensive but the ivies are pretty much $50-60k/year.

If you're not close to home and have to live on or near campus, then yes living expenses are included and typically represent about 1/2 the cost. Even state schools with in-state tuition rates here are ~$10-12k/year. add living and you're at $20-25k/year.

For middle class americans there is not much "unsecured" governement funding a/k/a either no-cost or low-interest loans or scholarships or grants available.


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## snickerd3 (Nov 11, 2013)

with room and board, tuition fees etc it was about 12k-15k a year for instate big ten school. it is now way more than that.

I was able to pay for my first semester with my life savings (literally) and scholarships. Second semester was combo of fed loans and help from my folks.

The remaining 3 yrs were combo of fed and private loans. I did start working second semester of freshman year to have spending money.


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## Dexman PE PMP (Nov 11, 2013)

Most freshmen are required to live on campus, so those costs are automatically added to your student loan bill and can easily reach $25k/year.

My sophmore year I lived in the fraturnity house and paid those expenses out of pocket with a part-time job (cashier at a sporting goods store, and took a "job" working in the kitchen of the frat house).

Junior, senior, and super-senior years I lived with my girlfriend/fiance/wife, where we paid for our living expenses with full-time jobs (I was a detailer at a car dealership, and she was either a waitress or a saleswoman at a ski shop).

We were married in 2001 (summer between junior &amp; senior years), bought our first house in 2002 (a double-wide trailer), and graduated in 2003.


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## knight1fox3 (Nov 11, 2013)

Ya tuition when I was in attendance was around $3500 to $4k for a school in the UW system. Since then, based on what I've heard from younger students, tuition is ever increasing (something crazy like 18% per year) as is the cost of living. Some of the engineering schools in the bigger cities of WI can be close to $25k per year. :blink:


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## Road Guy (Nov 11, 2013)

An in state school is $25k a year?

I don't recommend doing college the way my wife and I did. Married, working 2 jobs each and eating a lot of roman noodles and deer meat. I recall tuition checks being less than a grand a quarter and maybe a few hundred for books...(1992 when I got out of army). Technically including the national guard I had 3 jobs...


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## wilheldp_PE (Nov 12, 2013)

Road Guy said:


> An in state school is $25k a year?
> 
> I don't recommend doing college the way my wife and I did. Married, working 2 jobs each and eating a lot of roman noodles and deer meat. I recall tuition checks being less than a grand a quarter and maybe a few hundred for books...(1992 when I got out of army). Technically including the national guard I had 3 jobs...


No G.I. Bill?


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## Rockettt (Nov 12, 2013)

Man how did everyone get away so cheap. I came out with $76k. Most my masters was paid for through TA assistantship. My school is now up to 48k/year or something like that. Back when I went in 98-04, it was 30k. half paid from a scholarship but still... It'll be paid for in 2024 haha. at least its like 1.7% interest or something like that. its knocked down good now. Id had it paid off but I have taste of fuel driven toys which by far take precident.


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## Capt Worley PE (Nov 12, 2013)

Big goose egg. Lived at home, went to a state school, had a scholarship that covered books for the semester.

Most importantly, finished in four years.


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## Road Guy (Nov 12, 2013)

I had GI Bill also but since it would only reimburse for tuition, books, fees and since I was living off campus it didn't pay anything for housing (or so I recall) but I only did the 2.5 year active duty enlistment contract they offered in 1990 which resulted in a lower payout...

If these represent today's costs at public colleges I better go ahead and get my kids ready to work and go to school part time I won't be able to afford much of that type of tuition ..

I don't want my kids to do college like I did, and I don't want them to go through without some of their own skin in the game, and I also Dom want them to start out with all that set in their life...


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## Sapper PE LS (Nov 12, 2013)

I have lots and and used to have more. My wife has lots and used to have more. We'll get them paid off at some point.


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## Ble_PE (Nov 12, 2013)

I ended school with about $25k and now have around $14k. It's very low interest so I have no plans to pay much more than the minimum until I've got it payed off. The wife had her school payed for by her parents and we're planning to help our kids out as much as we can. I at least want to cover their tuition and I'll expect them to work part time for their spending money just like I did. The crazy thing about tuition right now is that my kids could go to my alma mater out of state cheaper than they could go to either of the main in state schools. The way I have it figured, by the time my kids are going to college, 4 years is going to cost around $100k or more. I don't want them on the hook for that amount of money right out of school.


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## FLBuff PE (Nov 12, 2013)

0.0


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## knight1fox3 (Nov 12, 2013)

Road Guy said:


> An in state school is $25k a year?


Yup. At least for some of the private engineering schools (i.e. MSOE, Marquette, etc.).


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## Road Guy (Nov 12, 2013)

Since engineering salaries pay the same for the most part I dont know why people would bother with that? (private schools) they are just all about raping you for money...

and dont forget the world is run by the C students!


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## RIP - VTEnviro (Nov 12, 2013)

A guy I used to work with has 2 kids at UMass. Not sure anymore how much it cost, but it was surprisingly expensive.


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## knight1fox3 (Nov 12, 2013)

Road Guy said:


> Since engineering salaries pay the same for the most part I dont know why people would bother with that? (private schools) they are just all about raping you for money...
> 
> and dont forget the world is run by the C students!


Agreed. I don't see why one would need to go private for their undergrad (speaking in terms of engineering). Unless location is an issue. Post-undergrad is a different story though.


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## MetsFan (Nov 12, 2013)

In hindsight, I should have went to a different school since mine has a 5-year engineering degree program. Granted, I'm a more "well-rounded" individual, or so the college likes to claim 

If you have kids though, make sure they don't have any money to their name once it comes time for applying to colleges since they will consider that college money.


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## Dexman PE PMP (Nov 12, 2013)

Several colleges offer a 5-year program where you walk away with a Masters degree...


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## frazil (Nov 12, 2013)

For U of New Hampshire, in-state tuition + room and board is $26000. Out if state is $39000. I think that's typical of most New England state universities, and probably true of most northern states.


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## Rockettt (Nov 13, 2013)

Yea took me 5-1/2 years with masters. but still, at 30k+ a year and working summers, i couldnt swing it for sure. But I cant say I didnt have fun those years!

They had a 5 years masters of engineering program, but I decided to do the MS. At the time back then there wasnt much respect for an M.E. was just a few extra classes


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## Sapper PE LS (Nov 13, 2013)

My undergrad was about $20k per year for tuition and room and board for out of state and about $10k for in-state. This was late 90's though, so I'm sure its gone up by at least 50% since then. The kicker though is that room and board was not optional. If you attend VMI, you live at VMI, you eat in the VMI mess hall, you wear VMI clothes, and you get VMI haircuts, all of which were factored into the cost of admission each year.

I did not come from a family of means, and my parents weren't able to take out much in the way of parent loans, so a large portion of my college education was funded through student loans. However, I did also get grants and a couple of scholarships, plus I worked summers and on campus in work-study programs. I also joined the Virginia National Guard and then was able to get in-state tuition plus military tuition assistance. In the end, I owed about $20k - $25k in student loans. And to this day, I still think it was worth it. I simply would not be making the salary I am now without it. I financed approximately 25% of my college education and have made that back and then some. I also took out some loans during grad school, but not an enormous amount because my employer paid for a large chunk of my master's degree. I also am perfectly fine with that, because that has also paid off and continues to pay off.

My wife on the other hand took out large loans for her grad school and has since not worked, but that isn't really her fault, it was a decision we both made because of our children. Because of the income that I make, which I absolutely believe was the result of my education which was funded by a combination of hard work, military service, and loans, she doesn't need to work. We're still paying for her master's degree, and one day in the future she will go back to work, but for now, I don't regret either of us taking out loans to fund our educations. Her payoff is still coming, mine has come, but both have been worth it.


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## Ship Wreck PE (Nov 13, 2013)

I paid my 15K off years ago, but I forgot to mention that my wife just finished her Masters degree and she is in for around $35K, but that is all on her.


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## Rockettt (Nov 13, 2013)

Thats what I need to do, find a big purse wife to finish off my my college debt!

I financed half. back then it was 1.7% or something. i didnt mind at all. If i didnt , then exactly, i wouldnt be making the big money now. Now i woulda been in trouble if I didnt do anything with the degree but i was pretty sure id be in the Mech eng field somewhere.

Do wish did my MBA though. If/when i come to a point to run a company, I know they will want it. Ah well, cant spend my life in school. too much life out there.


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## mudpuppy (Nov 13, 2013)

I didn't pay a dime for tuition, yet I somehow walked away with $14k in loans....


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## knight1fox3 (Nov 13, 2013)

^ LOL. Hookers and blow?


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## Capt Worley PE (Nov 13, 2013)

^Nah, subsidizing the children of others.


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## mudpuppy (Nov 13, 2013)

Lol, I wasn't paying much in taxes back then.

Now that I think about it I guess that isn't bad--I was there 5 years total (BS &amp; MS) so that averages to less than $3k per year in debt plus the $6k or so I earned per year.


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## MetsFan (Nov 13, 2013)

Dexman PE said:


> Several colleges offer a 5-year program where you walk away with a Masters degree...


Not me. I got a BA in Engineering Sciences and Spanish Language after 4 years and a BE in Mechanical Engineering after 5 years. Well, technically 4.66 years since I finished a trimester early. 
I can't say I regret it though since that is where I met my wife.


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