Comments on: Looming Student Loans: How to Get a Debt-Free College Education http://queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/ We're here, We're queer, and We're not going Shopping without Coupons Wed, 10 Mar 2010 04:23:21 -0700 http://wordpress.org/?v=2.9.1 hourly 1 By: Queercents » Blog Archive » The First Student Loan Payment http://queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/comment-page-1/#comment-86428 Queercents » Blog Archive » The First Student Loan Payment Wed, 05 Dec 2007 11:58:12 +0000 http://www.queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/#comment-86428 [...] grace periods eaten up by paperwork malfunctions–are in even choppier waters. I believe that a whole generation over here is going to get in trouble by delaying mortgages and retirement contributions in favor of student [...]<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-86428">0</span> <small>(to vote for this comment, please visit the site)</small></p> [...] grace periods eaten up by paperwork malfunctions–are in even choppier waters. I believe that a whole generation over here is going to get in trouble by delaying mortgages and retirement contributions in favor of student [...]

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]]> By: Erica http://queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/comment-page-1/#comment-84854 Erica Tue, 27 Nov 2007 16:14:47 +0000 http://www.queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/#comment-84854 I would strongly recommend the <a href="http://www.financialaidpodcast.com/" rel="nofollow">Financial Aid Podcast</a> for anyone. Chris Penn has great advice on... ...student loans for anyone looking to finance their education ...college apps, especially in this "new media" world ...personal finance in general ...and some tech-y stuff if you're way into the blogs and podcasting and whatnot<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-84854">0</span> <small>(to vote for this comment, please visit the site)</small></p> I would strongly recommend the Financial Aid Podcast for anyone. Chris Penn has great advice on…

…student loans for anyone looking to finance their education
…college apps, especially in this “new media” world
…personal finance in general
…and some tech-y stuff if you’re way into the blogs and podcasting and whatnot

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]]> By: Nina http://queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/comment-page-1/#comment-84238 Nina Sat, 24 Nov 2007 13:59:30 +0000 http://www.queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/#comment-84238 Tab: Maybe others could weigh in on this point... but I would shy away from expensive study abroad programs. In this age of the global economy, you might consider work that allows you to see the world. In my opinion, it's better to do this on someone else's ticket. Plus, when you're doing business in these places, you're more exposed and interact with the local culture than if you were a tourist or traveling student.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-84238">0</span> <small>(to vote for this comment, please visit the site)</small></p> Tab: Maybe others could weigh in on this point… but I would shy away from expensive study abroad programs. In this age of the global economy, you might consider work that allows you to see the world. In my opinion, it’s better to do this on someone else’s ticket. Plus, when you’re doing business in these places, you’re more exposed and interact with the local culture than if you were a tourist or traveling student.

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]]> By: Tab http://queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/comment-page-1/#comment-84171 Tab Sat, 24 Nov 2007 02:38:34 +0000 http://www.queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/#comment-84171 Well, my parents paid for my education til they kicked me out. Then I was pretty poor for a couple of years while I attempted to work and wait out the birthday restriction for the FAFSA, which happened for this school year. Being poor and taking up an RA-like job means that my entire need (a little over $18,000)is covered and only $2500 of that is loans (it would've been less if I hadn't applied for an increase so I could buy a computer). Of course I'm thinking about an expensive study abroad program that would probably send that relatively small loan balance soaring, but it'd also be really valuable to my school career and future research, so, yeah. I'm still applying for scholarships, to get the loan balance down even lower/for future schooling costs. After I graduate, I'd like to do Americorps, get the educational award that forces me to pay some school debt and some useful experience to boot (as well as a leg-up into fed jobs, which I feel ambivalent about politically, but are a good choice financially) And for grad school, I'm thinking fellowships or assistantships will help significantly with tuition. The idea of owing somebody something is seriously uncomfortable for me on a personal level, so having to live in the reality of school loans (even with the shiny new legislation) is freaking me out a little.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-84171">0</span> <small>(to vote for this comment, please visit the site)</small></p> Well, my parents paid for my education til they kicked me out. Then I was pretty poor for a couple of years while I attempted to work and wait out the birthday restriction for the FAFSA, which happened for this school year. Being poor and taking up an RA-like job means that my entire need (a little over $18,000)is covered and only $2500 of that is loans (it would’ve been less if I hadn’t applied for an increase so I could buy a computer).

Of course I’m thinking about an expensive study abroad program that would probably send that relatively small loan balance soaring, but it’d also be really valuable to my school career and future research, so, yeah. I’m still applying for scholarships, to get the loan balance down even lower/for future schooling costs.

After I graduate, I’d like to do Americorps, get the educational award that forces me to pay some school debt and some useful experience to boot (as well as a leg-up into fed jobs, which I feel ambivalent about politically, but are a good choice financially)

And for grad school, I’m thinking fellowships or assistantships will help significantly with tuition.

The idea of owing somebody something is seriously uncomfortable for me on a personal level, so having to live in the reality of school loans (even with the shiny new legislation) is freaking me out a little.

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]]> By: Nina http://queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/comment-page-1/#comment-84119 Nina Fri, 23 Nov 2007 18:47:05 +0000 http://www.queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/#comment-84119 Mrs. Micah: The majority of twentysomethings are financially illiterate so you're way ahead of the pack by learning to live within your means. Awareness is is the first step... I'm confident you'll get his big student loans paid off. Melissa: Instead of being called a millennial or Gen Y... you've coined a new moniker - the guinea pig generation! Paying off the student loans will be one big experiment for your generation. Plonkee: Like you, I graduated with about $10,000 in student loans and it was manageable at the time. Unfortunately, most graduates these days aren't in the same boat. Dreamy1: Excellent strategy! Aundi: I love hearing thrifty ways that people made it through school without incurring a lot of debt. Since undergrad allowed you to be debt-free, it makes grad school loans seem less daunting!<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-84119">0</span> <small>(to vote for this comment, please visit the site)</small></p> Mrs. Micah: The majority of twentysomethings are financially illiterate so you’re way ahead of the pack by learning to live within your means. Awareness is is the first step… I’m confident you’ll get his big student loans paid off.

Melissa: Instead of being called a millennial or Gen Y… you’ve coined a new moniker – the guinea pig generation! Paying off the student loans will be one big experiment for your generation.

Plonkee: Like you, I graduated with about $10,000 in student loans and it was manageable at the time. Unfortunately, most graduates these days aren’t in the same boat.

Dreamy1: Excellent strategy!

Aundi: I love hearing thrifty ways that people made it through school without incurring a lot of debt. Since undergrad allowed you to be debt-free, it makes grad school loans seem less daunting!

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]]> By: Aundi http://queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/comment-page-1/#comment-84011 Aundi Fri, 23 Nov 2007 10:59:56 +0000 http://www.queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/#comment-84011 Great Post! Definitely a topic I'm interested in these days. Up until grad school, I was able to figure out how to get my entire education for close to free. I went to a smaller school my first two years because they paid me to play on an athletic team. Then, while finishing up at the University of Washington, I worked part-time for a corporation that offered tuition reimbursement. My benefits package also offered small loans, and I took one of these out to cover additional expenses. Over the course of the next four years, my employer paid half of this loan back for me. Many companies definitely have such benefit perks these days and it's a great deal. I've had to break my winning streak and borrow for grad school, but Federal student loans are definitely the least of the evils.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-84011">0</span> <small>(to vote for this comment, please visit the site)</small></p> Great Post! Definitely a topic I’m interested in these days. Up until grad school, I was able to figure out how to get my entire education for close to free. I went to a smaller school my first two years because they paid me to play on an athletic team. Then, while finishing up at the University of Washington, I worked part-time for a corporation that offered tuition reimbursement. My benefits package also offered small loans, and I took one of these out to cover additional expenses. Over the course of the next four years, my employer paid half of this loan back for me. Many companies definitely have such benefit perks these days and it’s a great deal. I’ve had to break my winning streak and borrow for grad school, but Federal student loans are definitely the least of the evils.

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]]> By: plonkee http://queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/comment-page-1/#comment-83669 plonkee Wed, 21 Nov 2007 20:19:06 +0000 http://www.queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/#comment-83669 I've got about £12k in student loan debt and I just don't think about it. The interest rate is sufficiently low that it really shouldn't be paid off quickly, and the minimum payment is also low, so it doesn't impact my budget too much.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-83669">0</span> <small>(to vote for this comment, please visit the site)</small></p> I’ve got about £12k in student loan debt and I just don’t think about it. The interest rate is sufficiently low that it really shouldn’t be paid off quickly, and the minimum payment is also low, so it doesn’t impact my budget too much.

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]]> By: dreamy1 http://queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/comment-page-1/#comment-83664 dreamy1 Wed, 21 Nov 2007 20:14:10 +0000 http://www.queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/#comment-83664 I just took a job at the university I attend. It covers up to 12 credits per year for the tuition, it's part of a really great benefits package. It even gives allowance for graduate school. This will totally help to keep my growing Student Loan debt to a minimal 60K. Hopefully, I can get into the law school here, this way it can be partially paid for!<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-83664">0</span> <small>(to vote for this comment, please visit the site)</small></p> I just took a job at the university I attend. It covers up to 12 credits per year for the tuition, it’s part of a really great benefits package. It even gives allowance for graduate school. This will totally help to keep my growing Student Loan debt to a minimal 60K. Hopefully, I can get into the law school here, this way it can be partially paid for!

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]]> By: Melissa http://queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/comment-page-1/#comment-83602 Melissa Wed, 21 Nov 2007 16:22:14 +0000 http://www.queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/#comment-83602 I don't have as much debt as the cases you listed, or the most of the people I know from school, although I'm pretty well above average. My minimums take more than 20% of my net, which is manageable--mostly because it has to be, I flex my flex expenses until it all fits. I have so many thoughts and stories about this debt to sort through. I think it's summed up by the confusion about the good/bad debt line--it's easy to see that a (fair, fixed) mortgage is a good debt and that oppressive consumer debt is a bad debt. But student loans depend on so much--is that education earning you a salary that makes the debt worthwhile? Are your loans subsidized, unsubsidized, private? Are you putting off buying a house--and then holding your mortgage for longer--and then saving less for retirement? We get to be the guinea pig generation--will we make it work or will we change the system? I guess we'll find out in 25 years or so....<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-83602">0</span> <small>(to vote for this comment, please visit the site)</small></p> I don’t have as much debt as the cases you listed, or the most of the people I know from school, although I’m pretty well above average. My minimums take more than 20% of my net, which is manageable–mostly because it has to be, I flex my flex expenses until it all fits.

I have so many thoughts and stories about this debt to sort through. I think it’s summed up by the confusion about the good/bad debt line–it’s easy to see that a (fair, fixed) mortgage is a good debt and that oppressive consumer debt is a bad debt. But student loans depend on so much–is that education earning you a salary that makes the debt worthwhile? Are your loans subsidized, unsubsidized, private? Are you putting off buying a house–and then holding your mortgage for longer–and then saving less for retirement?

We get to be the guinea pig generation–will we make it work or will we change the system? I guess we’ll find out in 25 years or so….

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]]> By: Mrs. Micah http://queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/comment-page-1/#comment-83601 Mrs. Micah Wed, 21 Nov 2007 16:19:55 +0000 http://www.queercents.com/2007/11/21/looming-student-loans-how-to-get-a-debt-free-college-education/#comment-83601 P.S. I managed to make it through school entirely debt-free by getting lots of scholarships over (80% of tuition), an inheritance from my grandfather, and some money from my parents for living expenses and other college fees. So pretty much what Nick said. And rich older people, setting up college trusts for your grandchildren is a wonderful gift!!! (Just make sure they can be used if the kid doesn't end up going to college. Say, if they're 25 and haven't used them they just get the money.)<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-83601">0</span> <small>(to vote for this comment, please visit the site)</small></p> P.S. I managed to make it through school entirely debt-free by getting lots of scholarships over (80% of tuition), an inheritance from my grandfather, and some money from my parents for living expenses and other college fees. So pretty much what Nick said.

And rich older people, setting up college trusts for your grandchildren is a wonderful gift!!! (Just make sure they can be used if the kid doesn’t end up going to college. Say, if they’re 25 and haven’t used them they just get the money.)

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