Timeline for How can I prepare for my US student debt?
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45 events
| when toggle format | what | by | license | comment | |
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| Feb 13, 2019 at 10:53 | comment | added | Pedro Lobito | You're slave of a system which you never asked to be a part of. | |
| Feb 10, 2019 at 14:27 | answer | added | Wayne Werner | timeline score: -3 | |
| Feb 10, 2019 at 9:27 | answer | added | Andrew Christianson | timeline score: 2 | |
| Feb 10, 2019 at 2:14 | comment | added | Noah Snyder | If you're under 25, why aren't you on your parents' health insurance? Should be cheaper and better even if you pay your parents back for their cost. | |
| Feb 8, 2019 at 21:46 | comment | added | Redja | @historystamp Yeah, $70k is on the low end for an EE. I'm only a few years out of school with no prior experience and I'm at the lower end of the price range at ~$80k. | |
| Feb 8, 2019 at 21:28 | comment | added | historystamp | You will make more than the average EE grad. You have a year of experience. You will start off with the salary of a second year employee. | |
| Feb 8, 2019 at 19:10 | answer | added | LCIII | timeline score: 0 | |
| Feb 8, 2019 at 17:51 | comment | added | Stian | @lazarusl if you have no possessions and are already living frugally, as per OPs calculation, they are - claiming hardship is fairly straightforward. If you try after you have gotten a car or have a large home that can be refinanced you are out of luck. So - not getting that job is a problem for OP sure, but it is also a problem for his creditors, likely bigger. | |
| Feb 8, 2019 at 17:31 | comment | added | lazarusL | @StianYttervik "Student debt is easy to bankrupt away" I'm pretty sure it's the complete opposite and student loans are almost impossible to remove even in bankruptcy. | |
| Feb 8, 2019 at 13:42 | comment | added | Stian | Everyone is being a little to alarmist methinks. Student debt is easy to bankrupt away and in this case if he does not get a job, he will have to spend 5ish years, on social security / parents / girlfriend assistance and from there on out he will have a 130k$ education and a clean sheet. Even the worst case scenario is fairly benign. More likely he will find a job and pay off the debt by being frugal for a couple of years. the debt is, if he gets a 70k job only twice of income which is manageable. | |
| Feb 8, 2019 at 13:31 | comment | added | i486 | You will spent your youth in frugal life. The rest is not guaranteed. | |
| Feb 8, 2019 at 10:19 | comment | added | Strawberry | I think I'd find a cheaper school. The world is a vast, beautiful place, dotted all over with amazing Universities, and airports. | |
| Feb 8, 2019 at 0:17 | comment | added | cybernard | Have you looked into a health savings account? That $1400 you spend on the dentist, you could at least get it tax free. I get cleanings every 6mos and even though I have health insurance, I look at the bill(totaling my share and what insurance covers) it is never that high. Thats $116/mo and you could probably buy dental insurance for less. | |
| Feb 7, 2019 at 23:12 | answer | added | Ian | timeline score: 4 | |
| Feb 7, 2019 at 21:20 | comment | added | Ozgur Ozturk | She was not working while studying. It may be the more logical thing, if it would make you graduate faster. $28/hr is not bad. But after graduating you will earn better, and if your part time employment delays that, consider quitting and focusing on studies | |
| Feb 7, 2019 at 21:12 | comment | added | Ozgur Ozturk | Another student I know had $100k just for 1,5 years of MBA education. Her repayments were proportional to her income. Currently, she pays only 500 per month. Her loans had a rule saying that after 20 years the remaining part of the loan is forgiven. Check the details of your loan, and repayment rules. It may not be as terrifying as you think. | |
| Feb 7, 2019 at 21:02 | answer | added | Anger Density | timeline score: 1 | |
| Feb 7, 2019 at 20:11 | comment | added | DJSpud | The amount of your total debt is less than a somewhat shitty house. The only staggering figure here is your interest rate, which is absolutely off the charts insane. You don't need to be born rich to afford this and you are already making ~$30/hr. I don't see the issue, sounds like you have it more than figured out. Make monthly payments and live your life! | |
| Feb 7, 2019 at 17:23 | comment | added | Mast | Honestly, it sounds like going forward with this plan may not be such a great idea. Do you have a plan B? As in, will you accept "don't make yourself suffer for the rest of your life over this" as advice? You simply can't afford the life you're planning. | |
| Feb 7, 2019 at 13:17 | comment | added | NoDataDumpNoContribution | The interest rate is much too high. 10yr US government bonds yield is something like 2-3% currently and was 1-2% in the years before. Why is the interest rate so extremely high here? | |
| Feb 7, 2019 at 11:44 | history | protected | CommunityBot | ||
| Feb 6, 2019 at 22:00 | comment | added | Victoria Le | $700 in dental care is too much unless you don't take care of your teeth at all for your age. You should go to one of those low-income places to get your teeth clean or at the university where the dental hygienist needs practices. Have you considered wearing glasses more often to keep the contact cost lower? It's better for your eyes. If you're working, can't you get cheaper insurance with some assistance? | |
| Feb 6, 2019 at 19:53 | comment | added | BlueRaja - Danny Pflughoeft | @BlackThorn: You must get health insurance through your employer. We (me+spouse) have literally the cheapest health insurance available through healthcare.gov, and we pay almost $10,000/yr for health insurance only (no dental, no vision). $2200/yr for one person is insanely cheap. | |
| Feb 6, 2019 at 17:37 | comment | added | Acccumulation | 9% on 134k is 12k. Your current job is paying 60k, and you think you'll get a job paying 70k, which is 10k more, but that's 8.8k more after taxes (and that's just federal income tax; it's not including FICA or state). So your degree will give you a net -3.2k change in income. | |
| Feb 6, 2019 at 16:23 | vote | accept | CretaZigman | ||
| Feb 6, 2019 at 15:27 | comment | added | Anoplexian | @Thorst That's true for EU, but in the US interest rates on even student loans are much higher, especially for larger amounts. There's 1.3T of unpaid debt, and the student loan companies sometimes never get paid, hence higher interest rates... | |
| Feb 6, 2019 at 8:47 | comment | added | Thorst | Can't you find loans with lower interest rates? 9% is insane. EU citizen here - we currently pay 1% on our loans (Denmark). | |
| Feb 6, 2019 at 8:31 | comment | added | Julien Lopez | Is moving to a country where students can study without contracting debt a possibility you would consider for your PhD? | |
| Feb 6, 2019 at 4:31 | comment | added | chepner | @CretaZigman Yes, $700 for a routine cleaning is very high; I doubt that should be more than $200. | |
| Feb 6, 2019 at 1:07 | answer | added | Mars | timeline score: 10 | |
| Feb 6, 2019 at 0:21 | answer | added | Harper - Reinstate Monica | timeline score: 61 | |
| Feb 6, 2019 at 0:00 | history | tweeted | twitter.com/StackFinance/status/1092936035636518912 | ||
| Feb 5, 2019 at 23:57 | comment | added | CretaZigman | The above represents worst case, for the most part. For example, I go 50/50 on glass/contacts typically, contacts and prescriptions factor into the $280, as well as books and/or tools I might need. I don't often spend more than $50 in a given month on shopping, but for the cases when I do, I plan for it. I can do more, it's just that until recently, the picture hasn't been clear. As for my insurance, I'm a student, on the University's health insurance plan, and don't know the first thing about health insurance. No dental, no optical; those are extra, that's what I've worked with. | |
| Feb 5, 2019 at 23:49 | history | edited | Chris W. Rea |
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| Feb 5, 2019 at 23:47 | comment | added | BlackThorn | 3 questions: 1. Why are you paying so much for insurance if it does not at least partially cover your dental and optometry bills? 2. Why aren't you seeking a better deal on contact lenses or changing over to glasses? I spend about $150 every year on contacts, but my insurance brings that down to about $20. 3. What are you spending $280 on every month in your variable expenses? Either you are going to a movie every day, or you are shopping far too much. You claim to be living frugally, but I see some low hanging fruit to reduce your monthly expenses. | |
| Feb 5, 2019 at 22:13 | answer | added | Kram | timeline score: 2 | |
| Feb 5, 2019 at 21:52 | answer | added | Hart CO | timeline score: 95 | |
| Feb 5, 2019 at 21:37 | comment | added | CretaZigman | True, the total was from my Mint account, which doesn't include the AES interest for some reason. So yes, it's actually worse, unfortunately. | |
| Feb 5, 2019 at 20:17 | comment | added | Hart CO |
Your current sum looks like it should be $99,876.50
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| Feb 5, 2019 at 20:10 | answer | added | D Stanley | timeline score: 13 | |
| Feb 5, 2019 at 19:58 | comment | added | CretaZigman | Check ups, when my health insurance doesnt cover it, but I think I really inflated that figure because I had my wisdom teeth removed this year... | |
| Feb 5, 2019 at 19:56 | comment | added | Azor Ahai -him- | What do you need done every year at the dentist for $1,400? | |
| Feb 5, 2019 at 19:51 | answer | added | Pete B. | timeline score: 79 | |
| Feb 5, 2019 at 19:35 | review | First posts | |||
| Feb 5, 2019 at 19:38 | |||||
| Feb 5, 2019 at 19:32 | history | asked | CretaZigman | CC BY-SA 4.0 |