Will you ever be able to payback your student loan debt?
Back in 1965, The Federal Student Loan Program was a great idea. Borrow the money to go to college, get a job and pay the loan back later. Right? The program is in deep trouble. It’s outstanding loan balance is above the $1 trillion dollar mark. The average student loan balance is $25,000 dollars. Paying back a student’s loan, today, is almost an impossibility, because of America’s sagging economic conditions. You cannot payback a loan, if there are no jobs. So, most students either go back to college or move back in with their parents.
Question: is this going to be the trend for college students of the future and will you ever be able to payback your student loan debt?
Source: AP
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I didn’t take out loans for college, Thank goodness. I think graduating with debt is just awful. I was very lucky to have parents who could afford to pay for my college, and who always believed it was their responsibility to do it. Even if I had taken loans, it would have been for them, they would have paid. I have a feeling that the loans have artificially pushed up tuitions at universities and something must be done. Giving loans is very different than our government providing higher education for our young adults, the way the system is set up needs so revamping.
About $30k down, $9,600 to go. I’ve been out of college for 11 years.
My undergraduate loan is paid in full, but it was only a few grand as I paid most of it by working almost full-time while in school. If I get this job I’m up for, my employer will pay for my graduate degree. So I’m good (and very lucky).
Yes, in a few years.
We look at it as leading up to saving for a home and then retirement. Once our debt is paid off, we’ll start putting that money away for a down payment for a home. Once we’re done with that we’ll start putting it towards retirement.
My wife couldn’t have her job without a degree and we couldn’t afford the degree without the loans, so I’m thankful they were there rather than upset that we have debt.
I finally paid off my loans in 2009. I was graduated in 1995, but put in 3 years of graduate school with loan deferment (but no new loans).
It does seem that loans are a necessary evil as tuition skyrockets. I have paid off part of my loans, but still have a long ways to go.
I avoided this by not going to college at all.
Yes, I should be able to pay back my loans without too much difficulty (despite the fact that I took out more than the average amount). My wife is paying back her own loans right now, and we’ve had no problems with it. She should be done by the end of next year. People like to complain about their loans, but the system itself does not seem to be in all that precarious of a position.
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